ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-KATNI, KATNI vs. J.P. TOBACCO PRODUCTS PVT. LTD, DAMOH

In the result, both appeals of the Revenue are dismissed

Bench: Shri Om Prakash Kantshri Pavan Kumar Gadale

7 | P a g e ITA No.93 & 94-Jab-2023 ACIT vs J.P.Tobacco Products Pvt.L td. claim loans in excess of Rs.1,59,20,000 raised in previous years from directors and, shareholders were also for business purposes and therefore, payment of interest at the rate of 18% on the brought forward balance of loans was also an allowable deduction

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE KATNI, KATNI vs. J.P TOBACCO PRODUCTS PVT. LTD, DAMOH

In the result, both appeals of the Revenue are dismissed