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2017 (1) TMI 1162 - HC - Income TaxAddition made on account of bad debt written off - Held that - It cannot be said that the finding recorded by the learned CIT(A) and the learned Tribunal that the assessee was in the regular business of money lending is either perverse or contrary to the evidence on record. If that be so considering Section 36(2) of the Income Tax Act learned CIT(A) as well as learned Tribunal have rightly deleted the addition made on behalf of Bad Debt Written off - Decided in favour of assessee Addition of interest expenditure not incurred for the business purpose - Held that - The assessee was already available at his disposal interest free funds to the tune of Rs. 5, 29, 93, 800/out of which the assessee had only utilized interest bearing funds in the investments in question amounting to Rs. 3, 30, 01, 822/ the learned CIT(A) had rightly reduced the interest disallowance for the period between 27.02.2009 to 31.03.2009 at Rs. 3, 47, 197/. The aforesaid finding recorded by the learned CIT(A) has gone unrebutted as observed by the learned Tribunal. Thus it cannot be said that the learned Tribunal has committed any error in deleting interest expenditure - Decided in favour of assessee
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