Issuance of Cheque to Associate Concerns from OCC Account cannot be Construed as Diversion of WC Loan Fund: ITAT deletes addition of Rs. 79.15cr [Read Order]

Issuance of Cheque - Associate Concerns from OCC Account - Diversion of WC Loan Fund - Issuance of Cheque to Associate Concerns - ITAT deletes addition - taxscan

The Chennai bench of Income Tax Appellate Tribunal (ITAT) observed that issuance of cheque to associate concerns from OCC account cannot be construed as diversion of working capital loan Fund. The assessee Mr. T.S. Kumarasamy, Prop: M/s Christy Fried Gram Industry (in short CFI) is engaged in the business of production and supply of weaning…

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