No Requirement to Demonstrate Commercial Expediency in Each Year Concerning Loan Taken in Particular AY: Delhi HC [Read Order]

Requirement - Demonstrate Commercial Expediency - Commercial Expediency - Concerning Loan - Loan - AY - assessment year - Delhi High Court - taxscan

The Delhi High Court has affirmed the decision of the Income Tax Appellate Tribunal (ITAT) and stated that it was not necessary to establish or explicitly state the commercial expediency of a loan transaction for each subsequent year, following its initiation in a specific assessment year. The High Court allowed the condonation of delay of…

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