Interest Rate on Unsecured Loans Reduced to 15% from 18% u/s 40A; Full Interest Expense Allowed.

Disallowance u/s 40A - CIT(Appeals) restricted the rate of interest to 15% as against 18% claimed by the assessee - In the case of market loans, no security is given and no paper or other formalities are required to be completed. The unsecured loan is also available at the call and convenience of the assessee as and when required. - Entire interest expense allowed - AT .....

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