No Disallowance u/s 36(1)(iii) of Income Tax Act towards interest paid to IDFC Bank for loan taken to Construct Hostel for Students: ITAT [Read Order]

Disallowance - Income Tax Act - Income Tax - IDFC Bank for loan - IDFC Bank - Construct Hostel for Students - Construct Hostel - Students - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT) Bangalore bench held that disallowance under Section 36(1)(iii) Income Tax Act, 1961 should not be made towards interest paid to the IDFC for loans taken to construct hostels for students. Assessee, Manipal Education is engaged in the business of providing engineering asset management and maintenance service. After filing the…

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