MANAGEMENT

Detailed explanation-1: -(ii) where an allowance has to be made under clause (ii) of sub-section (2) in respect of amounts carried forward from more than one assessment year, the amount carried forward from an earlier assessment year shall be allowed before any amount carried forward from a later assessment year.

Detailed explanation-2: -Interest restriction under subsection 33(2) of the ITA (ii) if the total amount of investments and loans is less than the amount of borrowed money, then only a portion of the interest expense is disallowed.

Detailed explanation-3: -Clause 33 Amounts admissible as per the provision of the Income-tax Act, 1961 and fulfils the conditions, if any, specified under the relevant provisions of Income-tax Act, 1961 or Income-tax Rules, 1962 or any other guidelines, circular, etc, issued in this behalf.