ITAT Deletes Interest Disallowance as AO Failed to Prove Borrowed Fund Diversion

Corrtech Energy Limited Vs DCIT (ITAT Ahmedabad) Delayed PF and ESI Deposits Remain Disallowable Due to Supreme Court Precedent; ITAT Restores Duty Drawback Addition for Fresh Verification Due to Incomplete Facts; Interest Disallowance Cannot Be Based on Assumptions of Fund Diversion: ITAT Ahmedabad. The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, partly allowed the appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), for Assessment Year 2018-19. The assessee, engaged in manufacturing engineering goods, e...