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2023 (4) TMI 378 - AT - Income TaxDisallowance of interest expense - principle of consistency - assessee during the assessment proceedings expresses his inability to establishes the directs nexus of utilization of interest bearing fund for earning business income and income from other sources by contending that the funds were borrowed for making investment in properties and partnership firm on earlier occasion and he does not maintain separate books of account - HELD THAT:- Once the revenue accepted the identical claim of the assessee in the immediate preceding assessment year, then such claim made in the year under consideration should also be accepted to maintain principle of consistency, particularly in a situation where there was no change in the facts. In holding so, we draw support and guidance from the judgment of PCIT vs. Quest Investment Advisor (P.) Ltd. [2018 (7) TMI 479 - BOMBAY HIGH COURT] - Appeal filed by the assessee is allowed.
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