State Government Loans not attracts Section 43B(d) disallowance: ITAT Pune

Tokai Sahakari Sakhar Karkhana Ltd Vs ITO (ITAT Pune) Introduction: The case of Tokai Sahakari Sakhar Karkhana Ltd vs Income Tax Officer (ITAT Pune) revolves around the disallowance of interest expenses under various sections of the Income Tax Act, 1961. The appellant contested several grounds related to interest payments, seeking relief from the tax authority’s decision. The judgment provides insights into the application of relevant sections of the Act concerning interest deductions. Detailed Analysis: The first substantive issue addressed by the tribunal pertained to the disallowance ...