2014 (3) TMI 649

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....) Revenue is in appeal against the judgment 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....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tors on such loans. He noticed that the loans 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 Of....