Interest Rate on Secured Loan From banks Cannot be Compared with Interest Rate on Unsecured Loan: ITAT [Read Order]
The tribunal observed that the Assessing Officer is not expected to sit in the chair of the businessman and decide the reasonableness of rate of interest, that too without bringing any corroborative material on record
By Varda Marakkar - On August 10, 2024 9:18 pm - 2 mins read
In a recent case, the Indore bench of Income Tax Appellate Tribunal (ITAT) ruled that interest rate on secured loans from banks cannot be compared with interest rate on unsecured loan. The premise of the ruling stem from the appeal filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) […
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