ITAT sets aside Addition of Rs. 90.52 Crores under Sections 69A/69B, Remits Interest Expenditure Issue

The ITAT set aside the addition of Rs. 90.52 crore under Sections 69A and 69B of the Income Tax Act, instructing the assessing officer to revisit the issue of interest expenditure. The tribunal found that the taxpayer had made reasonable claims for interest deductions, but the assessing officer had not properly examined the evidence before disallowing them. This ruling emphasizes the importance of providing sufficient documentation and justification for deductions, and it directs the authorities to reassess the case thoroughly in accordance with legal provisions.