Wednesday, June 2, 2021

No disallowance if interest amount was actually paid and not converted into loan or borrowing: ITAT

INCOME TAX : Where interest amount had actually been paid by assessee through overdraft/cash credit account and same had not been converted into loan or borrowing (or) loan or advance, disallowance of interest under section 43B(d)/(e) read with Explanation 3D could not have been made

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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...