Addition towards interest on cash loans directed to be deleted

Shagun Jewellers (P) Ltd. Vs DCIT (ITAT Delhi) ITAT Delhi held that addition on the basis of interest paid on cash loans received by the assessee is directed to be deleted. Accordingly, appeal of the assessee are partly allowed. Facts- Assessee has preferred the present appeal mainly contesting that CIT(A) has erred both in law and on facts in upholding the determination of total income of the appellant company at Rs. 43,03,490/- as against declared income of Rs. 13,36,560/- in an order of assessment 31.12.2016 under section 147/143(3) of the Act. Conclusion- Held that the addition was based o...