Disallowance of deductions claimed by the assessee u/s 57(III) of the Income Tax Act


Quick Summary
This Income Tax Appellate Tribunal case concerns an appeal against the disallowance of deductions amounting to Rs. 40,53,426, claimed by the assessee under Section 57(iii) of the Income Tax Act. The deductions were related to interest expenses claimed against interest income. The Assessing Officer selected the case for limited scrutiny due to the large deduction claimed, and the disallowance was subsequently confirmed by the Commissioner of Income Tax (Appeals).

Court :
ITAT Chandigarh

Brief :
The above appeal has been preferred by the assessee against the order of the Learned Commissioner of Income Tax (Appeals)-3 [in short the ‘Ld.CIT(A)], Ludhiana dated 14.11.2018 relating to assessment year 2014-15, passed  u/s 250(6)) of the Income Tax Act, 1961 (hereinafter referred to as ‘Act’.

Citation :
ITA No.21/Chd/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

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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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