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Mixed-Funds Interest Disallowance Needs AO Review
Case Law Details
- Case Name
- Aadya Overseas Private Limited Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Delhi
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Aadya Overseas Private Limited Vs ITO (ITAT Delhi)
Mixed-funds dispute needs fresh verification: ITAT remands proportionate interest disallowance to AO
Delhi ITAT set aside the confirmation of proportionate interest disallowance of ₹16.58 lakh & remanded the matter to the AO for limited verification. The disallowance was sustained by CIT(A) on the ground that Assessee failed to produce documentary evidence to show that investments were not made from mixed funds & that borrowed funds were not used for non-business purposes.
Tribunal observed that Assessee had not discharged its onus b...
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