Disallowance of an expenditure incurred representing the ...

Taxpayer Wins: A.O.'s Interest Expenditure Disallowance Overturned Due to Lack of Approval for Full Scrutiny Conversion.

January 12, 2022

Case Laws Income Tax AT

Disallowance of an expenditure incurred representing the interest paid - case was selected for limited scrutiny on different issues - A.O. has not made any addition/disallowance on those two counts for which the case was selected for limited scrutiny, but he has made certain additions on an issue which was not the subject matter of limited scrutiny and there is nothing on record to suggest that the A.O. has taken necessary approval from the PCIT/CIT for converting the limited scrutiny to full scrutiny. Therefore, on this issue also the A.O. is not justified in making the disallowance of interest expenditure. - AT

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Disallowance of an expenditure incurred representing the ...

Taxpayer Wins: A.O.'s Interest Expenditure Disallowance Overturned Due to Lack of Approval for Full Scrutiny Conversion.

January 12, 2022

Case Laws Income Tax AT

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