Comparison with Fair Market value of Loan Interest not Made while Making Disallowance u/s 40A(2)(a): ITAT Deletes Disallowance [Read Order]

Comparison with Fair Market value of Loan Interest - Fair Market value - Loan Interest - ITAT Deletes Disallowance - income tax act - income tax - Disallowance - ITAT - Fair Market value of Loan Interest - TAXSCAN

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the disallowance holding that the comparison with fair market value of loan interest was not made while making disallowance under Section 40A(2)(a) of the Income Tax Act 1961. The assessee, Genxt Mobile LLP was a wholesale and distributor of mobile phones and accessories. For…

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