2014 (3) TMI 649

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....udgment of the Income Tax Appellate Tribunal dated 12.7.2013. For the assessment year 2007-08, following question is presented for our consideration: "1. Whether on the facts and circumstances of the case and in law, the appellate Tribunal was justified in not upholding the disallowance of excess interest u/s 40A(2)(a) to the extent of Rs.11,68,188/- for A.Y. 2007-08 sustained by the CIT(A), with....

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.... were taken at interest rates ranging from 12 % to 18%. He, therefore, called upon the assessee and after considering the objections held that interest of 18% was excessive and disallowed the difference of 6% and thereby came to the figure of Rs.9.89 lacs. The assessee carried the matter in appeal. CIT (Appeals) confirmed the view of the Assessing Officer upon which the assessee preferred second ....