#Consistency in Tax Assessments

Interest Expense Cannot Be Disallowed If Underlying Loan Genuineness Already Established | Income Tax Act, Section 36(1)(iii) & 69A : Income Tax Appellate Tribunal

ITAT Delhi holds that once loan genuineness is accepted in prior years, interest on carry-forward loans cannot be disallowed under Section 36(1)(iii) or treated as unexplained income under Section 69A.