Monday, September 21, 2020

No proportionate disallowance of interest exp. without proving that part borrowed sum not used for business purpose

INCOME TAX : Where all requisite conditions for allowance of interest are fulfilled, it is not open to revenue to make a part disallowance, unless there is a positive finding recorded that a part of amount borrowed is not used for purpose of business

from www.taxmann.com Latest Case Laws https://ift.tt/33JXSDq
-
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)

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...