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…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1199 + GST for 1 year

Subscribe Now

taxscan-loader