2019 (4) TMI 1389

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....lenge the judgment of Income Tax Appellate Tribunal. Following question is presented for our consideration; "Whether, on the facts and in the circumstances of the case and in law the Hon'ble Tribunal was justified in deleting the disallowance of interest expense of Rs. 1,50,21,941/­ made by the A.O.?" 2. Brief facts are that the assessee had entered into an agreement with the cooperativ....

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....ed certain amount under the head interest and compensation, that he had paid interest during the year under consideration, that the AO disallowed the claim made by the assessee, that he was of the opinion that expenditure was not incurred wholly and exclusively for earning the income. We find that the FAA had given a categorical finding that there was a direct relation between interest received by....