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Interest disallowed u/s 37
whether interest on CC can be disallowed by the AO u/s 143(1)?
Replies (3)
Generally,interest is business expenditure absolutely claimable..
No reason why it should be disallowed..
Generally not disallowed...but if any amount of the business is lent out to other without interest a proportion of interest on cc can be disallowed.
As per a case law if CC amt is utilised to pay income tax, such int is disallowed.....if used for anyother purpose, its allowed
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