Tribunal Rules 18% Interest Rate u/s 40A(2)(b) of Income Tax Act Reasonable, Overturns Commissioner's Decision.

Tribunal Rules 18% Interest Rate u/s 40A(2)(b) of Income Tax Act Reasonable, Overturns Commissioner's Decision. https://www.taxtmi.com/highlights?id=32869 Addition u/s 40A - interest paid @ 18% in relation to the borrowing made from the persons specified u/s 40A(2)(b) - unreasonable and excessive expenditure - Once there was categorical findings by the Tribunal that 18% per annum interest was reasonable the CIT(A) ought to have followed the same. - AT en-us Fri, 13 Jan 2017 10:04:31 +0530 Thu, 12 Jan 2017 08:38:08 +0530 TaxTMI RSS Generator Tribunal Rules 18% Interest Rate u/s 40A(2)(b) of Income Tax Act Reasonable, Overturns Commissioner's Decision. https://www.taxtmi.com/highlights?id=32869 Addition u/s 40A - interest paid @ 18% in relation to the borrowing made from the persons specified u/s 40A(2)(b) - unreasonable and excessive expenditure - Once there was categorical findings by the Tribunal that 18% per annum interest was reasonable the CIT(A) ought to have followed the same. - AT Highlights Income Tax Fri, 13 Jan 2017 10:04:31 +0530 https://www.taxtmi.com/highlights?id=32869