Interest Allowance Under Section 36(1)(iii) Income Tax Act

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This Income Tax Appellate Tribunal judgement addresses an appeal concerning the allowance of interest under Section 36(1)(iii) of the Income Tax Act for the assessment year 2014-15. The tribunal decided to restore the issue of interest disallowance back to the Assessing Officer for fresh factual verification, referencing previous assessment years. Other grounds related to Sections 40(a)(ii) and 40(a)(ia), business promotion expenditure, and profit on sale of assets were either dismissed or also restored for further examination.

Court :
ITAT Hyderabad

Brief :
This assessee’s appeal for AY.2014-15 arises from the CIT(A)-8, Hyderabad’s order dated 22-11-2017 passed in caseNo.0261/CIT(A)-8/Hyd/2016-17, in proceedings u/s.143(3) of the Income Tax Act, 1961 [in short, ‘the Act’]. Heard both the parties. Case file perused.

Citation :
I.T.A. No. 301/HYD/2018

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1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

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Published in Income Tax
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Criteria for allowance of interest under Section 36(1)(iii) of the Income Tax Act

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Criteria for allowance of interest under Section 36(1)(iii) of the Income Tax Act

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