Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (1) TMI 819 - ITAT AGRAWhether the purchases amounts to Bogus purchase - disallowance of interest - Held that:- assessee has furnished sufficient evidence in the form of Bank account, copy of Sales Tax return etc - comparison of the G.P. shows that the purchases were genuine - Thus the addition on account of bogus purchases is not warranted - Decided if favor of assessee Held that:- Assessee had taken loan of ₹ 20,75,000/- in his individual capacity and not for the business - Further the loan was transferred to the partnership firm and thus used for the purpose of business - interest paid thereon is allowable under section 36(1)(iii) - Decided in favor of assessee
|