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2016 (8) TMI 516 - HC - Income TaxInterest disallowed under section 57(iii) - interest for the same borrowing has been allowed in the immediately preceding year - 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. In our view, 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. Accordingly, the question which is posed in this appeal requires to be answered in favour of the assessee and against the department. Therefore, the present appeal deserves to be allowed in favour of the assessee
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