SH. AMAN SETH,LUDHIANA vs. ITO, W-1(1), LUDHIANA
In the result, appeal filed by the assessee is allowed for statistical purposes
ITA 1318/CHANDI/2017[2013-14]Status: DisposedITAT Chandigarh21 Jun 2024AY 2013-14
Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)
For Appellant: Shri Parikshit Aggarwal, C.AFor Respondent: Smt. Amanpreet Kaur, Sr. DR
Section 129Section 142(1)Section 143(1)Section 143(2)Section 250Section 253Section 36Section 44A
191 held that for disallowance u/s 36(l)(iii) of the Income Tax Act, 1961 the total fund (i.e owned fund and borrowed funds) is considered for working out the disallowance of interest. The Hon'ble High
Court of Punjab and Haryana in the above said case held that “ Where mixed funds are diverted towards interest free advances, the disallowance
