In the result, the appeal of the assessee bearing ITA No
Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee
1,50,000) and Sh. Ramandeep Singh (Rs. 2,26,000/-). Also, the assessee had incurred financial cost (bank charges, interest CC account, interest car loan) to the extent of Rs. 9,42,418/- on borrowings. The AR was asked to justify as why proportionate disallowance of interest may not be made u/s 36(l)(iii) on account of interest