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2021 (3) TMI 1153 - ITAT HYDERABADDisallowance u/s 43B on interest expenditure - HELD THAT:- It is not in dispute that the CIT(A) herein has granted part relief to the assessee qua interest payments made to “APRDC” and “APCSC” only that they fall in the exemption mechanism in Section43B(d) of the Act. Since the payees are already covered by his order in said preceding assessment year and also they fall in the exempt category of recipients only. We make it clear that the Revenue is fair enough in its grounds in not disputing the status of the twin recipients hereinabove. We thus quote the hon'ble apex court’s larger bench’s decision in CIT Vs. K.Y.Pilliah[1966 (10) TMI 35 - SUPREME COURT] that the tribunal need not record independent findings on its own if it expresses its complete agreement with the first appellate authority’s conclusion(s) under challenge. We hold in this factual backdrop that the CIT(A) has rightly deleted the impugned 43B disallowance pertaining to these twin payees/corporations. The Revenue’s sole substantive grievance fails accordingly.
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