Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Disallowance of the interest expenditure u/s 43B(d)/(e) r.w ‘Explanation 3D’ - As observed by the A.O, as the interest debited/charged by the bank got converted into further liability wherein the existing debit balance would be further increased in the overdraft account thus, any payment of an amount towards interest would partake the character as that of repayment of the existing amount of the principal loan and not the interest claimed by the assessee. - Claim cannot be denied - AT
Disallowance of the interest expenditure u/s 43B(d)/(e) r.w ‘Explanation 3D’ - As observed by the A.O, as the interest debited/charged by the bank got converted into further liability wherein the existing debit balance would be further increased in the overdraft account thus, any payment of an amount towards interest would partake the character as that of repayment of the existing amount of the principal loan and not the interest claimed by the assessee. - Claim cannot be denied - AT
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