https://www.taxtmi.com/caselaws?id=412110 The ITAT Delhi allowed the appeal of the Assessee, ruling that the disallowance of bank interest under section 43B of the Income Tax Act was unwarranted. The Tribunal found that the interest had been paid through the cash credit account, not converted into a loan, and cited legal precedents where monthly interest payments were made. Consequently, the ITAT Delhi set aside the AO's order and held in favor of the Assessee, emphasizing that the interest on term loans paid through the cash credit account constituted actual payment of interest. en-us Wed, 08 Sep 2021 00:00:00 +0530 Thu, 28 Oct 2021 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412110 The ITAT Delhi allowed the appeal of the Assessee, ruling that the disallowance of bank interest under section 43B of the Income Tax Act was unwarranted. The Tribunal found that the interest had been paid through the cash credit account, not converted into a loan, and cited legal precedents where monthly interest payments were made. Consequently, the ITAT Delhi set aside the AO's order and held in favor of the Assessee, emphasizing that the interest on term loans paid through the cash credit account constituted actual payment of interest. Case-Laws Income Tax Wed, 08 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412110