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2022 (12) TMI 158 - AT - Income TaxAddition of the interest claimed treating the loans on which interest paid as used for non business purposes - Sufficiency of interest free funds - HELD THAT:- The assessee has sufficient interest free funds and the revenue has not co-related the interest bearing fund used for non interest bearing purpose. Not only that the in the subsequent year the interest is also not disallowed in the proceedings u/s. 143(3). Thus, the facts of the case on hand and cited by the ld. AR of the assessee similar respectfully following Jurisdictional High Court decision RAM KISHAN VERMA [2016 (1) TMI 223 - RAJASTHAN HIGH COURT] the disallowance of interest sustained by the CIT(A) to the extent is here by vacated and in terms of these observations the Cross objection filed by the assessee is allowed.
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