Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (7) TMI 874 - AT - Income TaxAddition of Interest payment as not for the purpose of business - claim of deduction of interest expenditure - Held that:- This appeal is to be dismissed as there is no merit in the appeal filed by the assessee and there is no material on record to prove that assessee has carried out any business in connection therewith these interest expenditure - Only bald statement have been made not supported by evidence to contend that the assessee is engaged in business of NBFC. Both the authorities below have concurrently held that no business activity was carried out by the assessee and there was no nexus between the interest earned and interest expended by the assessee. So far as allowability of interest expenses in preceding years, principle of res judicata is not applicable to income tax proceedings - decided against assessee.
|