ITAT Kolkata Allows Interest on Business-Purpose Unsecured Loans

Amit Agarwal Vs ITO (ITAT Kolkata) Introduction: The Income Tax Appellate Tribunal (ITAT) Kolkata recently addressed an appeal filed by Amit Agarwal against the disallowance of interest on unsecured loans. The appeal dealt with two key issues – the addition related to the purchase and sale of future/options and the disallowance of interest on unsecured loans. This article provides a detailed analysis of the case and the ITAT’s ruling. Detailed Analysis: 1. Background of the Case: Amit Agarwal’s appeal is directed against the order of the Commissioner of Income Tax (Appeals)-N...