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Disallowance of interest u/s 36(1)(iii) restricted to borrowed amount not used for business
Case Law Details
- Case Name
- Rishabh Birla Vs JCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Delhi
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Rishabh Birla Vs JCIT (ITAT Delhi)
ITAT Delhi held that disallowance of interest u/s. 36(1)(iii) of the Income Tax Act to be restricted to the borrowed amount which is not used for business purpose.
Facts- AO made disallowance of Rs.38,29,320 by holding that the assessee has not utilized the loan funds for business purposes but diverted them for acquiring immoveable property, for giving advances against properties and for the purpose of the interest-free loan and advances to sister concerns, family members.
CIT(A) deleted an amount of Rs.14,24,034 and for the balance amount of Rs.24,05,286 dir...
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