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2017 (11) TMI 75 - ITAT MUMBAIUnexplained cash credit in respect of loans - Held that:- CIT(A) was not right in confirming the addition made by the Assessing Officer in respect of above said loan creditors. Therefore findings of the CIT(A) is hereby ordered to be set aside and the AO is directed to delete the above said addition of ₹ 573 lakhs in view of the foregoing discussions. Disallowance of interest expenditure relating to the above said loans - Held that:- Since we have deleted the addition made u/s 68 consequently the interest expenditure claimed thereon is required to be allowed. Accordingly we set aside the order passed by Ld CIT(A) on this issue and direct the AO to delete the disallowance of interest. Accordingly, we decide issue No. 1&2 in favour of the assessee and against the Revenue.
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