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2019 (10) TMI 918 - AT - Income TaxInterest expenses allowability as a business expenses u/s. 36(1)(iii) - HELD THAT:- As before the AO assessee has not substantiated the claim while filing any relevant documentary evidences and the AO disallowed the claim of the assessee u/s. 36(1)(iii) and disallowed the interest @12% and added the same to the income of the assessee. CIT(A), after considering the submissions filed by the assessee alongwith documentary evidences has also dismissed the appeal of the assessee and upheld the assessment order by holding that the assessee failed to prove any business purpose of advance given against property and therefore, the amount @ 12% of amount was disallowed out of interest expenses debited to the profit and loss account. No interference is called for in the well reasoned order of the Ld. CIT(A), because the assessee has not given any detail of unsecured loan which was necessary and other documentary evidence for substantiating the claim before the revenue authorities, especially before the AO and Ld. CIT(A) and before the tribunal. Therefore uphold the order of the Ld. CIT(A) on the issue in dispute and reject the ground raised by the assessee.
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