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2020 (6) TMI 48 - AT - Income TaxDisallowance of interest expenses u/s.36(1)(iii) on the ground that it was not incurred for business purposes - A plea of Rule of consistency has been raised to submit that since the assessee fulfilled the conditions laid down in Sec.36(1)(iii), entire interest-disallowance including suo-moto disallowance made by the assessee, was to be deleted - HELD THAT:- Correct facts need to be ascertained and brought on record in view of our observations - we are left with no option but to set-aside the impugned order and remit the issue back to the file of Ld.AO for adjudication de-novo. The Ld. AO is directed to reappreciate assessee’s claim in the light of our observations. The assessee, in turn, is directed to substantiate its claim. All the issues are kept open. Order being pronounced after ninety (90) days of hearing - COVID-19 pandemic and lockdown - HELD THAT:- Taking note of the extraordinary situation in the light of the COVID-19 pandemic and lockdown, the period of lockdown days need to be excluded. For coming to such a conclusion, we rely upon the decision of the Coordinate Bench of the Mumbai Tribunal in the case of DCIT vs. JSW Limited [2020 (5) TMI 359 - ITAT MUMBAI]
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