Disallowance on interest expenditure under the Income Tax Act by AO

Last updated: 07 July 2021
Quick Summary
The Income Tax Appellate Tribunal is reviewing a case where the Assessing Officer (AO) disallowed over £54,000 in interest expenditure. The AO believed the company had used interest-bearing funds to make investments and provide interest-free loans, disallowing the claimed interest. The company argued that its own funds exceeded the investment and loan amounts, suggesting these were used instead of borrowed funds.

Court :
ITAT Bangalore

Brief :
The Assessee has filed this appeal challenging the order dated 16.7.2019 passed by Ld. CIT(A)-7, Bengaluru and it relates to the assessment year 2015-16. The assessee is aggrieved w

Citation :
ITA No.2032/Bang/2019

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