ITAT Kolkata Allows Interest on Business-Purpose Unsecured Loans

Amit Agarwal Vs ITO (ITAT Kolkata)

Introduction: The Income Tax Appellate Tribunal (ITAT) Kolkata recently addressed an appeal filed by Amit Agarwal against the disallowance of interest on unsecured loans. The appeal dealt with two key issues – the addition related to the purchase and sale of future/options and the disallowance of interest on unsecured loans. This article provides a detailed analysis of the case and the ITAT’s ruling.

Detailed Analysis:

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