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2013 (7) TMI 38 - ITAT KOLKATADisallowance of interest and advances written off – CIT deleted disallowance – Held that:- CIT without going into details deleted disallowance on basis of assesse’s submission – Assessee led evidences that M/s. Sleek Sales became bad – Assessee could not produce any evidence – Issue set aside to Assessing Officer’s file and re-directed to allow liberty to assessee to file evidence and then decide issue – Appeal dismissed. Disallowance of interest on borrowed funds – CIT deleted disallowance – Held that:- Assessee could not prove that interest free advances are treating advances – Unsecured loan or trade advances, needs verification at Assessing Officer’s level – Appeal allowed. Disallowance of interest claimed on house building property – CIT deleted disallowance – Hels that:- assessee paid interest on loan borrowed for housing property – Once Assessee has income from house property disallowance of interest not restricted – But allowable on entire payment of interest – No infirmity in order of CIT – Appeal dismissed.
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