Interest expenditure, incurred for acquiring machinery in the course of business, is allowable u/s 37

B.B. Verma Vs JCIT (ITAT Raipur)

Facts-

The assessee firm which is engaged in the business of a contractor had filed its original ROI for the AY 2011-12 on 30.09.2011, declaring an income of Rs.85,46,970/-. The ROI filed by the assessee was processed as such u/s.143(1) of the Act. Subsequently, the case of the assessee was selected for scrutiny assessment u/s. 143(2) of the Act.

Assessment was, thereafter, framed by the AO u/s.143(3) of the Act dated 10.03.2014 determining the income of the assessee at Rs.1,69,65,645/- after, inter alia, making various additions/disallowances.

Aggrieved, the assessee carried the matter in appeal before the CIT(Appeals) but without any success in so far the aforesaid additions/ disallowances and other issues in question were concerned. The assessee being aggrieved with the order of the CIT(Appeals) has preferred the present appeal.

Please become a Premium member. If you are already a Premium member, login here to access the full content.