ITAT allows interest expense liability provision

Hitesh Shantilal Mehta Vs DCIT (ITAT Mumbai) The case revolves around the disallowance of interest expenses on the Assessee’s investments and the subsequent decision of ITAT to restore ground appeals for further examination. In this case, the Department argued that the claimed interest expenses were mere book entries and would never be paid. However, ITAT decided to send the appeals back to the Assessing Officer (AO) for reconsideration and recalculation. The outcome of the ruling was partially favorable to the Assessee, as several grounds were restored for further evaluation. The Assess...