Disallowance of interest component on EMI paid to Non-Banking Financial Companies u/s 40(a)(ia) of IT Act: ITAT quashes order

Disallowance - interest component on EMI - EMI paid to Non-Banking Financial Companies - IT Act - ITAT quashes order -taxscan

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) quashed the order passed by the Commissioner of Income Tax (Appeals) for the disallowance of interest component on EMI paid to non-banking financial companies under section 40a(ia) of Income Tax Act, 1961. M/s. Vivek Bhole Architects Pvt. Ltd, the appellant assessee was a private limited company…

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