Arbitrary Estimation of Interest Disallowance Deleted by ITAT Lucknow

Shri Bhola Food Products Vs DCIT/ACIT (ITAT Lucknow) Arbitrary Estimation of Interest Disallowance Deleted – ITAT Allows Bhola Food Products’ Appeal Assessee had filed return of income on 24/01/2022 declaring total income of ₹6,80,23,110/-. AO completed assessment u/s 143(3) on 31/12/2022 determining total income at ₹6,91,33,790/- after disallowing expenses of ₹11,10,678/-. CIT(A) partly accepted Assessee’s contention & deleted most of the disallowance but sustained ₹2,50,000/- on account of interest, holding that there was lapse of time between entries for FYs 2020-21 & ...