[aaykarbhavan] HC upheld disallowance of interest on loan taken for non-business purpose; denies to reappraise evidence in record

HC upheld disallowance of interest on loan taken for non-business purpose; denies to reappraise evidence in record

August 7, 2014[2014] 47 taxmann.com 54 (Punjab & Haryana)

IT : Where Tribunal rejected assessee's claim for deduction under section 36(1)(iii) taking a view that loan was not taken for business purpose, even though assessee made strenuous efforts to reappreciate and reappraise evidence on record to arrive at a different conclusion, yet same was not permissible under section 260A and, consequently, assessee's appeal was to be dismissed

 

Regards

Prarthana Jalan

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

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