Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

2014 (6) TMI 221

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... a business expenditure or expenditure relating to earning any interest under the head “Other Sources” is also not clear. The utilisation of the amounts for the purpose of business is required to be established if the amounts are invested in the ‘business’ or under head ‘income from house property’ or ‘other sources’ required to be examined - none of the details are placed except the confirmation letters from the parties, thus, the expenditure in the absence of necessary details of the claims and also under which head the amounts are claimed cannot be allowed - even the salaries and wages are also stated to have been paid for the purpose of the company – the details were not on record nor placed before the AO and CIT(A) - In the absence .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... a. Saritha Rs. 13,470 b. Brijlal Rs.4,12,500 c. Deepraj Rs. 71,025 d. Dhansri Rs. 20,205 e. B. Dheeraj Rs. 30,000 f. Gurucharan Singh Rs. 30,000 g. Rateen Rs. 33,675 h. Bank of India Rs. 27 i. Kuldeep Rs. 40,000 j. Prudhviraj Rs. 67,350 Total Rs.7,18,252 3. In addition, the salary and bonus claim of Rs.2,81,700/- wa .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... actual investments in the share application and unsecured loans were received from individuals and instead of entering their names as lenders, the firms in which they are partners were shown. Consequently, after verification A.O. accepted the genuineness of the source of above two amounts. Prima facie, the interest claimed on the said loans are allowable to the assessee. However, what we noticed was that the orders of A.O. or Ld. CIT(A) including the remand report, does not indicate the amounts invested by the said individuals. Even though assessee furnished evidences regarding payment of interest and consequent TDS made in respective individuals cases and confirmations of them were filed, we are unable to allow the amount as such in the ab .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates