Mixed fund Presumption cannot be applied to Specific Purpose Loan

United Teleservices Ltd. Vs ACIT (ITAT Kolkata)

Conclusion: Disallowance on account of interest on office loan was confirmed as assessee had taken loan from Bank for office and claimed deduction in respect of the interest expenditure incurred on this loan thus, the presumption based on mixed funds could not be applied.

Held:  Assessee had claimed interest expenditure of Rs.4,02,837/- for its office. AO disallowed it since this office was not utilized/put

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