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2015 (1) TMI 243 - HC - Income TaxDisallowance u/s 57 - Principle of consistency - Whether the interest was rightly disallowed u/s 57(iii) even when the interest on the same borrowing had been allowed as a deduction in the immediately preceding AY – Held that:- Similar issue has been decided in Commissioner Of Income-Tax Versus Sridev Enterprises [1991 (1) TMI 52 - KARNATAKA High Court] wherein it has been held that it would not be equitable to permit the revenue to take a different stand subsequently in respect of the amounts which were the subject matter of previous years’ assessment - once the interest is allowed in the previous year and if there is no change in the condition then it can be disallowed in the current years’ assessment – thus, the order of the Tribunal is set aside – Decided in favour of assessee.
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