Disallowance of interest expenditure is warranted if assessee has not made any new investment during the year

Last updated: 22 February 2021
Quick Summary
This Income Tax Appellate Tribunal ruling states that interest expenditure can be disallowed if the assessee has not made any new investments during the relevant financial year. The appeal, initially delayed due to COVID-19 restrictions, was condoned by the tribunal before proceeding to the merits of the case.

Court :
ITAT Kolkata

Brief :
The present appeal has been preferred by the assessee against the order dated 27.02.2020 of the Commissioner of Income-tax (Appeals)-20, Kolkata [hereinafter referred to as ‘CIT(A)’].

Citation :
ITA No.534/Kol/2020

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