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Broken period interest on purchase of securities is allowable as revenue expenditure
Case Law Details
- Case Name
- ACIT, Hyderabad Vs Deccan Grameen Bank (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Hyderabad
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Brief Facts of the case:
First Issue:
The assessee a regional rural bank is doing banking activity in the state of undivided AP. For the AY under consideration, assessee filed its return of income on declaring total income of Rs. 36,33,59,291. During the assessment proceeding, AO noticed that assessee has claimed an amount of Rs. 1,58,65,512 as broken period interest paid on purchase of securities.
He disallowed such interest taking the view that the same is not allowable as per the Act. Being aggrieved of such disallowance, assessee preferred appeal before CIT (A).
CIT(A) aft...
Author Info
