Disallowance Based on Suspicion Rejected: ITAT Allows ₹1.95 Cr Interest Claim

DCIT Vs Surym Infrastructure (ITAT Ahmedabad) Interest on Unsecured Loans Allowed: ITAT Ahmedabad Holds AO Cannot Disallow ₹1.95 Cr Interest on Mere Presumptions & Third-Party Statements In this Revenue appeal for AY 2018-19, the Assessing Officer had disallowed ₹1,95,44,506 of interest paid by Surym Infrastructure on unsecured loans. No fresh loans were taken in the year; only interest on opening balances was credited with proper TDS. AO doubted genuineness of ten lender-companies, relying on (i) a general statement of one Jigar Trivedi recorded u/s 131 (page 2), (ii) a letter given b...