Company's Interest Expenses Disallowed by AO Despite Allowance u/s 57(iii) of Income Tax Act.

Company's Interest Expenses Disallowed by AO Despite Allowance u/s 57(iii) of Income Tax Act. https://www.taxtmi.com/highlights?id=62376 Disallowance of interest expenses - as observed by AO that assessee-company had advanced interest free loan as advanced out of secured loan availed from the Bank of Baroda - The assessee in fact claimed the interest expenses against the Nil return on investment made. We note that such interest expense is allowable under section 57(iii) - AT en-us Thu, 10 Mar 2022 17:08:45 +0530 Thu, 10 Mar 2022 17:08:45 +0530 TaxTMI RSS Generator Company's Interest Expenses Disallowed by AO Despite Allowance u/s 57(iii) of Income Tax Act. https://www.taxtmi.com/highlights?id=62376 Disallowance of interest expenses - as observed by AO that assessee-company had advanced interest free loan as advanced out of secured loan availed from the Bank of Baroda - The assessee in fact claimed the interest expenses against the Nil return on investment made. We note that such interest expense is allowable under section 57(iii) - AT Highlights Income Tax Thu, 10 Mar 2022 17:08:45 +0530 https://www.taxtmi.com/highlights?id=62376