ITAT Allows Interest Deduction Citing Consistency with Revenue Authorities’ Orders in Previous & Subsequent Years

Bhaveshkumar Vinodbhai Patel Vs ACIT (ITAT Ahmedabad) In the case of Bhaveshkumar Vinodbhai Patel vs. ACIT, the Income Tax Appellate Tribunal (ITAT) Ahmedabad addressed an appeal filed by the assessee challenging the order of the Commissioner of Income Tax (Appeals)-11 [CIT(A)] for the assessment year 2017-18. The primary issue involved the disallowance of Rs. 7,58,826 as excess interest on a loan taken from Kotak Bank, claimed under Section 24 of the Income Tax Act. The assessee argued that the CIT(A) upheld the Assessing Officer’s (AO) decision without providing sufficient opportunity to p...