Case Law Details
Ardor Chemicals Pvt. Ltd. Vs ITO (ITAT Ahmedabad)
It is pertinent to note that though the business was not conducted during the present A.Y., for the purpose of smooth running of the business the assessee has borrowed the amount which was reflected duly in the bank account (Profit & Loss account and Balance Sheet of the assessee company). The assessee has also given details related to borrowings and simply on the ground of no activities was related to business, hence the borrowing should not be allowed cannot be the sole ground for making disallowance under Section 36(1)(iii) of the Act.
FULL TEXT OF THE ORDER OF ITAT AHMEDABAD
This appeal is filed by the Assessee against the order dated 29.09.2017 passed by the CIT(A)-1 Ahmedabad for the Assessment Year 2014-15.
2. The assessee has raised the following grounds of appeal :-
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