Disallowance of Expenditure of Interest in year of actual Payment in merchandise system of Accounting: ITAT deletes Addition made by AO

expenditure of interest - actual payment - merchandise system - ITAT - AO - taxscan

Income Tax Appellate Tribunal (ITAT), New Delhi deleted addition made by Assessing Officer (AO) on the ground of disallowance of expenditure of interest in year of actual payment in merchandise system of accounting. The assessee, Gurgaon Gramin Bankfiled its income for Assessment Year 2011-12 declaring total income at Rs. 1,06,69,74,349/-. The assessee being a regional…

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