Claim of Interest paid to the Firm on overdrawn Capital is allowable as a Business Expense: ITAT [Read Order]

By Taxscan Team - On October 27, 2022 11:34 am - 2 mins read
Claim - interest paid - capital - business expense - ITAT - taxscan

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) has held that the claim of interest paid to the firm on overdrawn capital is an allowable business expense. Bhawneshwar Kumar, the assessee challenged the order of Commissioner of Income Tax (Appeals), National Faceless Appeal Centre [NFAC], Delhi, dated 22.06.2021 wherein action of the CIT(A)…

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