RAVINDRA KHANDELWAL,AKOLA vs. ASSISTANT COMMISSIONER OF INCOME TAX - CIRCLE AKOLA , AKOLA
In the result, appeal filed by the assessee is allowed for statistical purposes
ITA 403/NAG/2023[2017-18]Status: DisposedITAT Nagpur25 Oct 2024AY 2017-18
Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member
For Appellant: Shri Mahavir AtalFor Respondent: Shri Sandipkumar Salunke
Section 36Section 68Section 69A
section 36)\(1)(iii) of the Act.
10. The Assessing Officer disallowed a part of the interest considering it as interest on capital not borrowed for the purpose of business on proportionate basis. The assessee had debited ` 34,15,880, on account of interest on unsecured loans of ` 1,81,14,226. The Assessing Officer considered 24.39 per
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Ravindra
