Disallowance of interest on unsecured loans unjustified as genuineness of loan not disputed

Biren Suresh Karani Vs ITO (ITAT Mumbai) ITAT Mumbai held that disallowance of interest on unsecured loans unjustified as genuineness of loans and utilization of loan funds for business purpose not disputed and interest paid on open in balances of unsecured loan creditors. Facts- The assessee is an individual and Prop. of M/s Vartsila, which is a dealer of pressure reducing valves. The assessee has filed the return of income AY 2012-13 disclosing a total income of Rs.10,23,840  and the return of income was processed u/s. 143(1) of the Act. Subsequently the case was selected for scrutiny and...