Is disallowance made by the A.O. on account of interest liability to GoI covered under the provisions of section 43B?

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Last updated: 22 July 2021
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This appeal concerns whether the disallowance of interest owed to the Government of India by Tungabhadra Steel Products Ltd. is covered by Section 43B of the Income Tax Act. The Assessing Officer disallowed the claim, arguing the company, declared sick, had no intention to pay. The CIT(Appeals) deleted this addition, finding the disallowance was not made under Section 43B. The Tribunal considered a similar issue from a previous assessment year.

Court :
ITAT Bangalore

Brief :
 This appeal by the revenue is directed against the order of the CIT(Appeals), Gulbarga dated 29.11.2017 for the assessment year 2008-09.

Citation :
ITA No.259/Bang/2018

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