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Q. > Please Help: interest paid to unsecured loan
i have an issue in income tax scrutiny that interest was paid by the assesee at the rate of 18 %. should it allow or disallow. if it disallows in current year any effect in previous years
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NAGESH BASAVARAJU
19-Dec-2014 , 10:00:58 amNot known the reason for dis allowance. Is it because the interest is un reasonable or TDS was not made or any other reason. Otherwise, usually the interest payment is not disallowed. If you want to accept the addition, the answer for your second query is the AO has to issue 148 for other years and re open the assessments. If the quantum is small not falling within the limits of 148, you may not have to worry.Usually not done for such expenditure.