Disallowance of interest on bank overdraft u/s 40(a)(ia) of the Income Tax Act

Last updated: 10 November 2021

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This Income Tax Appellate Tribunal ruling addresses the disallowance of depreciation claimed on goodwill acquired through a business transfer agreement. The assessee claimed depreciation on the goodwill of a vocational training institute. The Tribunal noted that while the issue of charging interest under Section 201(1A) was considered in a previous case, the current matter concerns the allowability of such interest as a business expense. An identical issue was decided against the assessee by the Delhi bench of the Tribunal.

Court :
ITAT Bangalore

Brief :
The assessee has filed this appeal challenging the order dated 21.10.2019 passed by Ld. CIT(A)-7, Bengaluru and it relates to the assessment year 2016-17.

Citation :
ITA No.2633/Bang/2019

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1 Year PLAN

1999

(Excl. of GST ₹359)

2 Years PLAN

3499

(Excl. of GST ₹629)

BEST VALUE

3 Years PLAN

4999

(Excl. of GST ₹899)

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Attached File : 1442821_4601_1635830258_ita_2633_of_2019_tuv_rheinland_nife_academy_pvt_ltd_bangalore__copy.pdf

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Judgement posted by

Poojitha Raam Vinay

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I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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