Interest Payable to Partners Is Year-End Liability, Not Restricted to Business Start Date

Meenakshi Traders Vs ITO (ITAT Chennai) Income Tax Appellate Tribunal (ITAT), Chennai Bench, heard the appeal filed by Meenakshi Traders against the order of the Commissioner of Income Tax (Appeals) (CIT(A)), National Faceless Appeal Centre (NFAC), Delhi, concerning the assessment year 2017-18. The core issue of the appeal was the confirmation of two specific disallowances made by the Assessing Officer (AO) through a rectification order under Section 154 of the Income Tax Act, 1961: interest paid to partners and remuneration paid to partners. Condonation of Delay The appeal was initially file...