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2018 (4) TMI 261 - AT - Income TaxDisallowance on interest claimed on total outstanding loan u/s 24(b) - Held that:- The assessee availed loan from its holding company which was repaid from the loan initially availed from State Bank of Mysore and again the assessee availed additional loan from State Bank of Mysore after restructuring the existing loan that was initially taken and the outstanding stood at ₹ 20 crore and whether interest paid on such outstanding is covered by provisions of Section 24(b) of the Act. The Coordinate Bench in assessee’s own case [2015 (12) TMI 359 - ITAT KOLKATA] held that subsequent loan availed by the assessee to repay his original loan is very much covered to claim deduction u/s 24(b) of the Act. We note that the CIT(A) by placing reliance on the decision of the Coordinate Bench in the assessee’s own case deleted the addition by the AO. - Decided against revenue
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