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2020 (11) TMI 306 - AT - Income TaxDisallowance of interest expenditure - CIT(A) had disallowed interest expenditure on the ground that details pertaining to nexus between borrowed funds and the investments in various assets is not available on record and hence it is not possible to determine the quantum of interest expenditure allowable - HELD THAT:- As decided in own case [2017 (12) TMI 1668 - ITAT MUMBAI] we set aside the order of the CIT(A) and direct the AO to allow deduction in respect of said interest accrued and calculated at 12% per annum after disallowing proportionate interest in respect of the investment in shares after verifying the calculation of the interest quantification. Capitalization of interest - interest attributable to acquisition of shares and securities - HELD THAT:- As decided in own case [2017 (12) TMI 1668 - ITAT MUMBAI] direct the AO to treat the proportionate interest disallowed in each assessment year to be part of cost of acquisition of shares and securities. Addition of personal household expenses - HELD THAT:- Reduce the addition on account of household expenses to 50% and sustain the addition left. Levy of interest u/s 234A, 234B and 234C - HELD THAT:- As relying on own case[2017 (12) TMI 1668 - ITAT MUMBAI] issue has been sent back to the Assessing Officer to recompute interest u/s. 234B of the Act with a direction.
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