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2017 (1) TMI 630 - AT - Income TaxDisallowance u/s 40A(2)(b) - assessee has paid interest to specified persons at the rate of 18% on the loan received from them - AO has disallowed interest payment over and above 12% per annum - Held that:- As decided in assessee's own case for the Asstt.Year 2005-06 to 2010-11 once there was categorical findings by the Tribunal that 18% per annum interest was reasonable and there was nothing contrary thereto such findings the CIT(A) ought to have followed the same. In view of the above discussion and bearing in mind entirety of the case, we are of the considered view that the impugned disallowance u/s 40A(2)(b) in respect of interest paid in excess to 12% per annum deserves to be deleted. We, therefore, direct the Assessing Officer to delete the impugned disallowance. - Decided in favour of assessee
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