Disallowance of interest expenditure - The interest income ...

Income Tax

September 7, 2020

Disallowance of interest expenditure - The interest income earned by the assessee is from loans and advances given to sister concern which is shown by the assessee to have been financed by obtaining loan on interest from other parties. Therefore, such interest paid on unsecured loan is laid out and expended wholly and exclusively for the purpose of making an earning such interest income. - Claim of expenditure allowed - additions deleted - AT

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Disallowance of interest expenditure - The interest income ...

Income Tax

September 7, 2020

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