https://www.taxtmi.com/caselaws?id=313991 The ITAT Chennai dismissed the assessee's appeal on multiple grounds. Interest converted to loans by financial institutions was rightly disallowed under Section 43B following Finance Act 2006 amendments. Contract receipt additions were deleted as no discrepancy was found in books. Electricity tax disallowance was confirmed as liability remained contingent and unascertained. Interest disallowance on advances to group entities was deleted, establishing business nexus and commercial expediency. Assessment of interest income from earlier years was remanded for verification to avoid double taxation. MAT computation disallowance of bad debt provisions was upheld as these constituted unascertained liabilities under retrospective Finance Act 2009 amendments. en-us Wed, 10 Jan 2024 00:00:00 +0530 Sat, 11 May 2024 08:33:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313991 The ITAT Chennai dismissed the assessee's appeal on multiple grounds. Interest converted to loans by financial institutions was rightly disallowed under Section 43B following Finance Act 2006 amendments. Contract receipt additions were deleted as no discrepancy was found in books. Electricity tax disallowance was confirmed as liability remained contingent and unascertained. Interest disallowance on advances to group entities was deleted, establishing business nexus and commercial expediency. Assessment of interest income from earlier years was remanded for verification to avoid double taxation. MAT computation disallowance of bad debt provisions was upheld as these constituted unascertained liabilities under retrospective Finance Act 2009 amendments. Case-Laws Income Tax Wed, 10 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313991