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Disallowed of Interest on Capital borrowed for Business.

This query is : Resolved 
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23 December 2019 MY CLIENT HAS EXPANDED HIS EXISTING BUSINESS DURING ASS. YEAR 2016-17 BY INSTALLING NEW PLANT AND MACHINERY FOR THE MANUFACTURE OF SAME EXISTING PRODUCTS AT THE SAME PREMISES BY AVAILING TERM LOAN FROM THE BANK AND THE PLANT AND MACHINERY WAS PUT TO USE DURING THE SAME ASS. YEAR. THE CASE OF MY CLIENT FOR ASS.YEAR 2017-18 WAS FINALIZED U/S 143(3) NOW THE INCOME TAX DEPARTMENT, ON THE BIAS OF AUDIT OBJECTION, WANTS TO DISALLOW THE INTEREST ON TERM LOAN FOR THE PERIOD 01/04/2016 to 31/03/2017, BUT THE SAID INTEREST WAS NOT
RELATED TO CONCERN ASS.YEAR(2017-18) IS SUCH INTEREST INADMISSIBLE U/s -37, PLEASE SHARE THE CASE SUMMARY .



Read more at: https://www.caclubindia.com/experts/interest-on-borrowed-capital-section-36-1-iii--646805.asp
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
29 May 2020 https://www.caclubindia.com/experts/interest-on-borrowed-capital-section-36-1-iii--646805.asp
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