Additions can’t be allowed on Unsecured loans incurred wholly and exclusively for Purpose of Business: ITAT [Read Order]

Additions - Unsecured loans incurred wholly and exclusively for Purpose of Business - ITAT - TAXSCAN

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that additions cannot be allowed on unsecured loans incurred wholly and exclusively for the purpose of business. The Assessing Officer has disallowed the interest charged in the profit and loss account of Rs. 2,05,000/- without making any discussion for making the said disallowance which…

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