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2012 (7) TMI 297 - ITAT, CHANDIGARHAddition on account of disallowance of interest paid for non-business purposes - similar issue was allowed in earlier year and no appeal was filed by the revenue – Held that:- An adventure in the nature of trade and therefore, the interest claimed was allowed - disallowance of interest claimed by the AO is deleted and this ground of appeal is allowed Addition on account of disallowance of rent as per provisions of sect ion 40(a) ( ia) of the Act – Held that:- Provisions of section 40(a)(ia) of the Act are applicable only to the amounts of expenditure which are payable as on the date 31st March of every year and it cannot be invoked to disallow which had been actually paid during the previous year, without deduction of TDS - AO, should verify the actual amount of rent paid by the assessee during the relevant financial year from the relevant records and adjudicate the issue afresh – matter remanded to AO - appeal of the revenue is partly allowed.
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