No section 43B disallowance can be made for bank interest not claimed in P&L A/c

ITO Vs Laxmipat Surana (ITAT Kolkata) The revenue’s grievance is that the Ld. CIT(A) erred in deleting the disallowance made u/s. 43B of the Act for unpaid bank interest on secured loans of Rs. 3,55,54,116/-. We find that so far as amount of bank interest payable on the secured loans is concerned, there is no dispute. As far as invoking of provisions of section 43B is concerned, if an assessee claims certain deductions against revenue/income and, If such deductions include any bank interest payable to schedule bank on secured loan, the same is allowable only if it is actually paid. The asses...