Assessee's Claim Allowed: No Evidence Found for Loan Misuse or Excessive Interest u/s 40A(2)(b) Income Tax Act.

Assessee's Claim Allowed: No Evidence Found for Loan Misuse or Excessive Interest u/s 40A(2)(b) Income Tax Act. https://www.taxtmi.com/highlights?id=28805 Addition u/s 40A(2)(b) - nothing is brought on record to substantiate that the loans raised by the assessee were not utilized for the business purposes or were diverted for any other purposes. It is also noticed that neither the AO nor the ld. CIT(A) brought any material on record to substantiate that the rate of interest paid by the assessee was excessive - claim allowed - AT en-us Wed, 27 Apr 2016 10:26:45 +0530 Wed, 27 Apr 2016 10:26:45 +0530 TaxTMI RSS Generator Assessee's Claim Allowed: No Evidence Found for Loan Misuse or Excessive Interest u/s 40A(2)(b) Income Tax Act. https://www.taxtmi.com/highlights?id=28805 Addition u/s 40A(2)(b) - nothing is brought on record to substantiate that the loans raised by the assessee were not utilized for the business purposes or were diverted for any other purposes. It is also noticed that neither the AO nor the ld. CIT(A) brought any material on record to substantiate that the rate of interest paid by the assessee was excessive - claim allowed - AT Highlights Income Tax Wed, 27 Apr 2016 10:26:45 +0530 https://www.taxtmi.com/highlights?id=28805