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ITAT Allows Interest Payment on Previously Accepted Loans, Deletes Addition
Case Law Details
- Case Name
- Bagla Agro Limited Vs DCIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2021-22 & 2019-20
- Courts
- All ITAT, ITAT Kolkata
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Bagla Agro Limited Vs DCIT (ITAT Kolkata)
The Income Tax Appellate Tribunal (ITAT), Kolkata bench, has allowed appeals filed by Bagla Agro Limited for the assessment years (AY) 2019-20 and 2021-22, deleting an addition made by the Assessing Officer (AO) and confirmed by the Commissioner of Income-tax (Appeals) [CIT(A)] regarding interest paid on a loan.
The case for AY 2021-22 involved an addition of ₹1,70,607 made by the AO. The AO had treated this amount, paid as interest on a loan from M/s Chordia Trade Credits Private Limited, as a bogus expenditure. The AO’s reasoning was based on...
