Interest from Loan given to related party for Business purpose does not attract section 40A(2)(b) of the Income Tax Act: ITAT [Read Order]

Interest - Loan - party - business - Income Tax Act - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the interest received on loan given to related party for business purpose cannot be subjected to provisions of section 40A(2)(b) of the Income tax Act, 1961. The assessee, an individual, is in the business of trading activities in shares and F&O. During…

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