ASST. COMMISSIONER OF INCOME TAX, CIRCLE-6(1), HYDERABAD, HYDERABAD vs. SUSHEE PRASAD JV, HYDERABAD
In the result, the appeal of the revenue is allowed
ITA 457/HYD/2023[2019-20]Status: DisposedITAT Hyderabad12 Mar 2024AY 2019-20
Bench: Shri R.K. Panda & Shri Laliet Kumarassessment Year: 2019-20 The Assistant Commissioner Of Vs. Sushee Prasad Jv, Hyderabad, Income Tax, Circle – 6(1), Plot No.246/A/2, Road Hyderabad. No.12, Mla Colony, Banjara Hills, Telangana – 500034. Pan : Aapas3540R. (Appellant) (Respondent) Assessee By: Shri S. Ramarao, Advocate. Revenue By: Shri Sesha Srinivas, Cit-Dr Date Of Hearing: 06.03.2024 Date Of Pronouncement: 12.03.2024
For Appellant: Shri S. Ramarao, AdvocateFor Respondent: Shri Sesha Srinivas, CIT-DR
Section 139Section 139(1)Section 143(1)Section 194CSection 201Section 201(1)Section 40Section 40a
disallowance of 30% was unwarranted.
10. Section 40 provides as follows
Amounts not deductible.
40. Notwithstanding anything to the contrary in sections 30 to 41[38], the following amounts shall not be deducted in computing the income chargeable under the head "Profits and gains of business or profession",—
(a) in the case of any assessee—
42[(i)43 44any interest
