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TMI Blog2013 (2) TMI 151X X X X Extracts X X X X X X X X Extracts X X X X ..... the cheques in the sum of Rs.30,80,746/- has been issued to Shri Sai Baba Rice Traders for and on behalf of the appellant or that the said cheques were ever issued to Shri Sai Baba Rice Traders. In view of the said fact, no substantial question of law arises for consideration - additions confirmed. Additions being hypothetical interest on the purchase advance - Held that:- Even if the agreement to sell was oral, the account books of the appellant should have contain an entry of payment of Rs.6 lacs for the purchase of petrol pump. Since, there is no such entry, the findings of fact recorded by the authorities under the Act cannot be said to be unjustified - additions confirmed. Addition of higher rate of interest - 18.5% paid by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcumstances of the case, the Income Tax Appellate Tribunal was justified on facts and in law in confirming additions of Rs.19,867/- being hypothetical interest on the purchase advance made by A.O, ignoring the facts on record, relying upon various judgment though the same is not applicable in the case of appellant which finding is perverse? (E) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was justified on facts and in law in confirming addition of Rs.18,002/- out of interest paid on old loan by alleging higher rate of interest by applying the provisions of Section 40(A)(2)(b) of the Income Tax Act, 1961 which finding is perverse? (F) Whether on the facts and in the circumstances of the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,746/- and also a copy of the ledger account of M/s Shri Ganesh Trading Co. showing the issuance of the cheques of the aforesaid amount. The learned Assessing Officer found that the appellant was directed to give evidence of payment made by account payee cheques vide order dated 30.11.2009, but the appellant has failed to give any evidence. Though the failure of the appellant to give evidence during the course of assessment proceedings or in appeal before the Commissioner of Income Tax or the Tribunal is sufficient to confirm the findings of fact recorded by the authorities under the Act for the reason of failure of the appellant to produce the proof of payment through the account payee cheques before the authorities. But a perusal of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of fact recorded by the authorities under the Act cannot be said to be unjustified. In respect of question No.E above, the authorities under the Act has added Rs. 18,002/- on account of higher rate of interest i.e 18.5% paid by the appellant to his mother as against the market rate of 15%. Learned counsel for the appellant relies upon the judgment of this Court reported as Commissioner of Income Tax-I, Amritsar vs. Swaran Singh Balbir Singh, 1982 (P H) 595. The learned Tribunal has returned a finding that the Assessing Officer has considered the rate of interest paid by the appellant as higher in comparison to prevalent market rate of interest. The judgment referred is not applicable as a finding of fact has been recorded that the tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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