THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 1(1), , VISAKHAPATNAM vs. VISAKHAPATNAM CO-OPERATIVE BANK LIMITED, VISAKHAPATNAM
In the result, appeals filed by the assessee and Revenue are dismissed
ITA 472/VIZ/2018[2015-16]Status: DisposedITAT Visakhapatnam25 Jan 2019AY 2015-16
Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble
For Appellant: Shri G.V.N. Hari –AdvocateFor Respondent: Shri V. Appala Raju - Sr. DR
Section 143(3)Section 32Section 40
disallowance has to be made only on actual basis pursuant to ascertainment of defaults in each case of interest payment. Accordingly, the assessee gets relief and the addition of Rs.1,80,05,129/- is hereby deleted".
4.1
We have carefully considered the arguments of the assessee and also the decision rendered by Learned CIT(A).
Section 194A