ITAT directs Re adjudication on Deduction claiming Interest paid to Maharashtra State Cooperative Bank u/s 37(1) of Income Tax Act [Read Order]

ITAT - ITAT Pune - Income Tax - Maharashtra State Cooperative Bank - Tax deduction claims - taxscan

The Income Tax Appellate Tribunal ( ITAT ), Pune bench directed readjudication on deduction claiming the interest paid to Maharashtra State Cooperative Bank under Section 37(1) of the Income Tax Act, 1961. The Assessee Tokai Sahakari Sakhar Karkhana Ltd after filing the return of income, during the assessment proceedings the AO denied the interest deduction…

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