Disallowance of the loss from business being the interest paid to the firm on overdrawn capital balance in the firm.

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Last updated: 18 January 2021
Quick Summary
This Income Tax Appellate Tribunal case concerns an individual who claimed a significant amount of accrued interest on a loan as a business loss. The interest was related to an overdrawn capital balance in a firm. However, the Assessing Officer disallowed this claim, finding the assessee's arguments inconsistent. The tribunal's decision ultimately brought this interest amount to tax.

Court :
ITAT Hyderabad

Brief :
This is assessee’s appeal for the A.Y 2016-17 against the order of the CIT (A)-5, Hyderabad, dated 18.09.2019.

Citation :
ITA No.1754/Hyd/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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