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2024 (3) TMI 517 - ITAT SURATDisallowance of interest expenses u/s 37 - AO noted that assessee has advanced total loans/advances to outside parties at less than 4% of charged interest rate - HELD THAT:- We note that assessee`s own funds are more than the interest free advances, therefore no disallowance should be made in the hands of the assessee, hence, we delete the addition. Addition on account of notional rent - Fair rent determination - HELD THAT:- We have gone through the findings of the AO and noted that assessee has been using these houses for self-purposes and therefore no notional rent has arisen, therefore, based on this factual position, we delete the addition. Appeal filed by the assessee is allowed.
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