Claim for Deduction of Interest Expenditure u/s 57 of Income Tax Act is Lawful as Assessee established the borrowed Funds were used for Interest bearing Advances: ITAT [Read Order]

By Ipsita Das - On October 10, 2023 2:30 pm - 3 mins read
Claim for Deduction - Interest Expenditure - Income Tax Act - Lawful - Assessee Established - Borrowed Funds - Interest bearing Advances-ITAT-TAXSCAN

The Ahmedabad Bench of Income Tax Act Appellate Tribunal (ITAT) held that children education, helper & uniform attire reimbursement, the same are coming under the purview of Section 10(14) of the Income Tax Act, 1961 thus allowed tax free allowance on these perquisites. The assessee Amit Dhirajlal Doshi filed return of income declaring total income…

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