Interest-bearing Unsecured Loans are allowable as Income Tax Deduction u/s.57(iii): ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Raipur bench consisting of Ravish Sood, Judicial Member, and Rathod Kamlesh Jayantbhai, Accountant Member held that interest-bearing unsecured loans by allowable as deduction u/s.57(iii) of ITA. The assessee, Pankaj Surana, had raised interest bearing unsecured loans, on which, interest of Rs. 6,45,531/- was paid by him. The aforesaid interest-bearing…