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2014 (2) TMI 1388 - AT - Income TaxDisallowance u/s.43B - interest amount ‘paid’ by the assessee - AO held that the term ‘paid’ means that the amount should have been actually paid. Transfer of amount from one account to another account cannot be treated as ‘paid’ thus made the disallowance - HELD THAT:- The interest amount has been paid from the cash credit account of the assessee in which the balance keeps on varying every day depending upon the receipts and payments of the assessee. The embargo put by Explanation 3C and 3D of section 43B is not attracted in the facts of the present case. The interest amount has not been converted into loan or advance. The interest amount has actually been ‘paid’ by the assessee through Overdraft/Cash Credit account. In view of our above findings, the dis-allowance made u/s.43B is set aside and the appeals of the assessee are allowed.
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