Disallowance of Interest u/s 36(1)(iii) Not attributable to Borrowed Amount utilized for Purchase of Immovable Property: ITAT restored issue to file of AO [Read Order]

By Sunayana Dhal - On October 6, 2023 4:00 pm - 2 mins read
Disallowance - Interest- attributable - Borrowed Amount utilized - Purchase - Immovable Property-ITAT - AO-TAXSCAN

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the disallowance of interest under Section 36(1)(iii) is not attributable to the borrowed amount utilized for the purchase of immovable property. The Assessing Officer has made a disallowance of Rs.38,29,320 by holding that the assessee has not utilized the loan funds for business…

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