Interest to NBFC Not Automatically Disallowable u/s 40(a)(ia): ITAT Rajkot

Servewell Household Appliance Vs ITO (ITAT Rajkot) Interest to NBFC Not Automatically Disallowable u/s 40(a)(ia): ITAT Rajkot Remands Matter to Verify Payee’s Tax Compliance The Rajkot Bench of the Income Tax Appellate Tribunal, Rajkot Bench allowed the assessee’s appeal for AY 2014-15 for statistical purposes and set aside the order of the CIT(A), remanding the matter to the Assessing Officer for fresh adjudication. The assessee, engaged in manufacturing and trading of household appliances, had paid EMIs on a car loan taken from Daimler Financial Services India Pvt. Ltd. (an NBFC). The AO...