https://www.taxtmi.com/caselaws?id=374742 The Assessing Officer disallowed an interest expense of Rs. 1,79,92,000/- as not actually paid, invoking section 43B of the Income Tax Act, 1961. The CIT(A) and ITAT found the disallowance unjustified, as the interest did not fall under section 43B and was not claimed as an expenditure. The ITAT upheld the CIT(A)'s decision, dismissing the Revenue's appeal. The Assessee's Cross Objection was deemed academic, with the ITAT leaving it open for future consideration. Ultimately, the Revenue's appeal was dismissed, and the Assessee's Cross Objection was partly allowed for statistical purposes. en-us Tue, 05 Feb 2019 00:00:00 +0530 Fri, 08 Feb 2019 06:31:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374742 The Assessing Officer disallowed an interest expense of Rs. 1,79,92,000/- as not actually paid, invoking section 43B of the Income Tax Act, 1961. The CIT(A) and ITAT found the disallowance unjustified, as the interest did not fall under section 43B and was not claimed as an expenditure. The ITAT upheld the CIT(A)'s decision, dismissing the Revenue's appeal. The Assessee's Cross Objection was deemed academic, with the ITAT leaving it open for future consideration. Ultimately, the Revenue's appeal was dismissed, and the Assessee's Cross Objection was partly allowed for statistical purposes. Case-Laws Income Tax Tue, 05 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374742