Disallowance us 361iii for bank interest on unutilized loan. If satisfied that loan was for business, no addition required for unutilized part at year end
June 16, 2016
Income Tax, ITAT, Judgments
Disallowance us 361iii for bank interest on unutilized loan In a recent judgment, ITAT held that once the Assessing Officer satisfied with the nature of loan being of business in nature then no disallowance u/s 36(1)(iii) was called just for keeping the funds unutilized at the end of the …