9911796707
TMI Blog2012 (10) TMI 119X X X X Extracts X X X X X X X X Extracts X X X X ..... the addition of Rs.15,00,000/- on account of unexplained sources made by the AO. 2. On the facts and in the circumstances of the case and law, the Ld. CIT(A)-XXX, New Delhi has erred in deleting the addition of Rs.72,000/- on account of low household expenses made by the AO. 3. On the facts and in the circumstances of the case and law, the Ld. CIT(A)-XXX, New Delhi has erred in deleting the addition of Rs.30,000/- on account of non production of documentary evidence in support of investment made for claiming deduction U/s 80C made by the AO. 4. On the facts and in the circumstances of the case and law, the Ld. CIT(A)-XXX, New Delhi has erred in deleting the addition of Rs.7,52,982/- on account of disallowance of interest claimed to be pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the year 2005-06 on interest @ 9% per annum. As on 01.04.2007 there was an outstanding loan of Rs.62,20,325/-. The Assessing Officer had added both the amounts i.e. the amount of Rs.10,00,000/- which was refunded by the assessee as well as Rs.5,00,000/- a fresh loan taken by the assessee from M/s. Keshav Shares & Stock Ltd. It was further explained that the assessee was employee of M/s. Keshav Shares & Stock Ltd. which had advanced loan against the property. 4. The learned CIT(A) considered the submissions made by the assessee. He was of the opinion that the addition had been made merely on the basis of suspicion and doubts which were baseless particularly keeping in view the past history of the assessee where the source of loan and inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh M/s. Keshav Shares & Stock Ltd. He submitted that loan of Rs.63,00,000/- was taken during the year 2005-06 and interest on this amount has been allowed by the Department in all the years. Therefore, it is baseless to argue that the assessee has routed her own income through the company. 6. We have heard both the parties and gone through the material available on record. It is a fact that the assessee had taken loan of Rs.63,00,000/- from M/s. Keshav Shares & Stock Ltd. during the year 2005- 06. The assessee had been paying interest on the said loan during earlier years. The assessee had taken further loan of Rs.5,00,000/- which had been confirmed by the director of the company. Another amount of Rs.10,00,000/- was paid by the assessee o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO. He therefore, submitted that the matter should be set aside to the file of the AO. On the other hand, the learned AR of the assessee supported the order of the learned CIT(A). 10. We have heard both the parties and gone through the material available on record. From the facts stated above it is clear that the assessee had filed additional evidence in the form of certificate and statement of affairs of her husband Shri Rajender Jain who has met the balance of Rs.72,000/-. The learned CIT(A) had accepted the contention of the assessee without providing an opportunity of being heard to the Assessing Officer. Under Rule 46A the appellant shall not be entitled to produce before the Deputy Commissioner (Appeals) or, as the case may be, the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made in tax savings bonds. The AO therefore, allowed deduction of Rs.70,000/- as against Rs.1,00,000/- claimed in the return of income by the assessee. 12. Before the CIT(A) the assessee filed acknowledgement slip of SBI Mutual Fund along with source of deposit and bank statement. Before the AO these documents were not filed. The learned CIT(A) directed the AO to give an opportunity to the assessee and allow the claim after verification if found satisfactory. 13. We have heard both the parties. After 1st June, 2001 power to set aside is not with the CIT(A). The learned CIT(A) has directed the AO to verify the claim of the assessee and allow the claim, if evidence is found satisfactory. In our considered opinion since the acknowledgement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... excess amount allowed on account of service tax and interest. It was noted by the learned CIT(A) that as regards the resultant allowance of standard deduction, the assessee herself was very fair in admitting that this excess deduction would be withdrawn. The learned CIT(A) after considering the above facts had held that the assessee had duly paid the recovered service tax duly supported with all the possible evidences and there was no reason to tax the service tax as rental income. As regards interest the learned CIT(A) was of the opinion that the assessee had given necessary evidence of loans raised in previous years. The learned CIT(A) following the rule of consistency has held that there was no reason for not allowing interest which was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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