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2015 (8) TMI 1445 - AT - Income TaxAddition on account of interest payment on borrowed funds - Allowable busniss expenditure - deduction of the interest paid on borrowings u/s 57(iii) - Held that:- CIT(A) had passed the order in line with the settled principle of law that the Assessing Officer cannot step into shoes of the assessee and decide as to how which of the expenditure can be incurred. Once the expenditure has been incurred wholly or exclusively for the business purposes, no disallowance can be made. The ld. Departmental Representative had not filed any material contradicting the findings reached by the CIT(A). Further, we notice that no such additions were made either in the immediate preceding year or succeeding year by the Assessing Officer. In these circumstances, we uphold the order of CIT(A) and dismiss the appeal filed by the Revenue.
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