https://www.taxtmi.com/caselaws?id=457056 ITAT Amritsar allowed the appeal regarding disallowance of 50% interest claim, ruling that the assessee's activities including land acquisition for livestock maintenance, milk chilling, and distribution were purely business-related. The tribunal found no basis for the AO's disallowance based on unchanged cash credit limits, relying on Vardhman Polytex Ltd precedent. The addition was quashed. Regarding carry forward losses, the matter was remanded to AO for verification and calculation of eligible losses as per law, with directions to provide reasonable opportunity to the assessee. en-us Thu, 09 Nov 2023 00:00:00 +0530 Tue, 03 Sep 2024 22:33:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457056 ITAT Amritsar allowed the appeal regarding disallowance of 50% interest claim, ruling that the assessee's activities including land acquisition for livestock maintenance, milk chilling, and distribution were purely business-related. The tribunal found no basis for the AO's disallowance based on unchanged cash credit limits, relying on Vardhman Polytex Ltd precedent. The addition was quashed. Regarding carry forward losses, the matter was remanded to AO for verification and calculation of eligible losses as per law, with directions to provide reasonable opportunity to the assessee. Case-Laws Income Tax Thu, 09 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457056