https://www.taxtmi.com/caselaws?id=423559 The tribunal condoned the 3-day delay in filing the revenue's appeal due to a reasonable explanation, allowing the appeal for adjudication. Disallowance of interest expenses on secured loans under sections 43B and 40(a)(ia) of the Income Tax Act was partially upheld, with disallowance under section 43B confirmed for unpaid bank interest claimed in the profit and loss account. The tribunal directed verification of such interest payments in subsequent years. The appeal against the CIT(A) order was partly allowed, emphasizing the need for verification of claimed expenditures in the profit and loss account. en-us Tue, 24 May 2022 00:00:00 +0530 Thu, 09 Jun 2022 08:17:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423559 The tribunal condoned the 3-day delay in filing the revenue's appeal due to a reasonable explanation, allowing the appeal for adjudication. Disallowance of interest expenses on secured loans under sections 43B and 40(a)(ia) of the Income Tax Act was partially upheld, with disallowance under section 43B confirmed for unpaid bank interest claimed in the profit and loss account. The tribunal directed verification of such interest payments in subsequent years. The appeal against the CIT(A) order was partly allowed, emphasizing the need for verification of claimed expenditures in the profit and loss account. Case-Laws Income Tax Tue, 24 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423559