[aaykarbhavan] HC upheld deduction of disputed interest liability as it had crystallized on execution of supplementary agreement

 

HC upheld deduction of disputed interest liability as it had crystallized on execution of supplementary agreement

March 25, 2015[2015] 55 taxmann.com 262 (Allahabad)/[2014] 272 CTR 277 (Allahabad)

IT : Where liability to pay interest as stipulated in initial agreement was disputed and liability was crystallised only on execution of supplementary agreement in current year, deduction of interest liability of earlier years would be allowed in current year

IT : In absence of any tax free income earned by assessee, disallowance under section 14A could not be mad

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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