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HomeDirect TaxNo Disallowance Without Nexus Between Borrowed Funds and Non-Business Use: ITAT Upholds...

No Disallowance Without Nexus Between Borrowed Funds and Non-Business Use: ITAT Upholds Deletion of Rs. 10.87 Crore Additions

Direct Tax

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By Mariya Paliwala
ITAT

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The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has affirmed the deletion of multiple additions made by the Assessing Officer (AO) for the Assessment Year 2022–23 and held that disallowance of interest expenditure and additions under Section 68 cannot be sustained in the absence of concrete evidence establishing misuse of funds or lack…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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