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Disallowance Based on Suspicion Rejected: ITAT Allows ₹1.95 Cr Interest Claim
Case Law Details
- Case Name
- DCIT Vs Surym Infrastructure (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Ahmedabad
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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)...
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