In the result, assessee’s appeal is partly allowed
Bench: Smt. P. Madhavi Devi & Shri S.Rifaur Rahmanm/S. Impact Metals Ltd Vs Dy. Commissioner Of Income Medak Tax, Circle 2(1) Pan: Aaaci4546A Hyderabad (Appellant) (Respondent)
property, inspite of a favorable recommendation from the Assessing Officer. 3. The learned Commissioner further erred in confirming the disallowance of interest of Rs.16,08,014/- which is claimed as business expenditure as the loan taken from SBI, Balanagar branch was utilized for the purpose of business, Page 1 of 11 ITA No 338 of 2016 Impact Metals Ltd Medak