https://www.taxtmi.com/caselaws?id=266605 The ITAT Chennai partly allowed the appeal, remitting the issues of interest on land purchase and sub-contract expenses back to the Assessing Officer for fresh consideration. The disallowance of interest on a non-genuine loan was upheld due to lack of substantiation by the appellant. The ITAT directed the AO to reconsider the treatment of interest on land purchase as capital expenditure until sale deed registration. Regarding sub-contract expenses, the ITAT remitted the matter for fresh consideration, emphasizing the need for evidence supporting outstanding balances. en-us Fri, 07 Aug 2015 00:00:00 +0530 Thu, 22 Oct 2015 15:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266605 The ITAT Chennai partly allowed the appeal, remitting the issues of interest on land purchase and sub-contract expenses back to the Assessing Officer for fresh consideration. The disallowance of interest on a non-genuine loan was upheld due to lack of substantiation by the appellant. The ITAT directed the AO to reconsider the treatment of interest on land purchase as capital expenditure until sale deed registration. Regarding sub-contract expenses, the ITAT remitted the matter for fresh consideration, emphasizing the need for evidence supporting outstanding balances. Case-Laws Income Tax Fri, 07 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266605