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Interest expenditure, incurred for acquiring machinery in the course of business, is allowable u/s 37
Case Law Details
- Case Name
- B.B. Verma Vs JCIT (ITAT Raipur)
- 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 Raipur
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B.B. Verma Vs JCIT (ITAT Raipur)
Facts-
The assessee firm which is engaged in the business of a contractor had filed its original ROI for the AY 2011-12 on 30.09.2011, declaring an income of Rs.85,46,970/-. The ROI filed by the assessee was processed as such u/s.143(1) of the Act. Subsequently, the case of the assessee was selected for scrutiny assessment u/s. 143(2) of the Act.
Assessment was, thereafter, framed by the AO u/s.143(3) of the Act dated 10.03.2014 determining the income of the assessee at Rs.1,69,65,645/- after, inter alia, making various additions/disallowances....
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