Income tax disallowance under section 40.

Suppose we have paid 1cr interest for the loan taken for carrying out business. And did not deduct tds under 194A. So, 30 lakhs is disallowed under section 40.

But if we have shown int paid of 70 lakh only in pl statement, remaining 30% is written of to capital account , even then we are liable to disallow 30% on 70 lakhs aa ir...or not required since he has claimed 70% only.

As per the income tax act, 30% of the amount payable or paid is to be disallowed and not on the amount debited to pl. so, in my case, the amount payable or paid as interest is Rs. 1 cr. so 30% of 1 cr is 30 lakhs and it has to be disallowed. so 70 lakhs should be allowed. am I correct..?