Thursday, January 17, 2019

No sec. 36(1)(iii) disallowance as renovation of destroyed plant wasn't to be treated as 'acquisition of asset'

IT: Where assessee acquired loan for reconstruction or renovation of its existing cold storage which was destroyed by fire, such reconstruction or renovation could not be considered as 'acquisition of an asset', thus, interest paid on such loan could not be disallowed under section 36(1)(iii)

from www.taxmann.com Latest Case Laws http://bit.ly/2ssV3o4

No comments:

Post a Comment

AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...