Disallowance of interest on unsecured loans unjustified as genuineness of loan not disputed

Biren Suresh Karani Vs ITO (ITAT Mumbai)

ITAT Mumbai held that disallowance of interest on unsecured loans unjustified as genuineness of loans and utilization of loan funds for business purpose not disputed and interest paid on open in balances of unsecured loan creditors.

Facts- The assessee is an individual and Prop. of M/s Vartsila, which is a dealer of pressure reducing valves. The assessee has filed the return of income AY 2012-13 disclosing a total income of Rs.10,2

Please become a Premium member. If you are already a Premium member, login here to access the full content.