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Arbitrary Estimation of Interest Disallowance Deleted by ITAT Lucknow
Case Law Details
- Case Name
- Shri Bhola Food Products Vs DCIT/ACIT (ITAT Lucknow)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2021-22
- Courts
- All ITAT, ITAT Lucknow
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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 & ...
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