9911796707
TMI Blog2019 (1) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by AO as erroneous and prejudicial to the interest of revenue only on account of audit objection raised by the audit party ignoring that AO has not accepted the audit objection. 3. The ld. PCIT has erred on facts and in law in holding that order passed by AO u/s 143(3) dt. 29.03.2016 allowing the claim of interest payment against the interest receipt is without making proper enquiry or verification ignoring that the AO has examined the claim of interest payment and allowed the same after making complete enquiry/verification. 4. The assessee craves to amend, alter and modify any of the grounds of appeal. 5. Necessary cost be allowed to the assessee. 2. The original assessment was completed under section 143(3) of the IT Act on 29th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 486 BOB HC 12,361 HDFC Bank 944 IT Refund 12,610 Total 5,97,21,545 (-)1,47,98,039 4,49,23,506 75,40,217 Interest Paid Name of person from whom money borrowed Opening balance as on 01.04.2013 Amount borrowed/repaid during the year (+ -) Balance Interest paid for the year Rate of interest A-One Financial Service Pvt. Ltd. - 10,00,000 10,00,000 1,50,000 15% Anita Agarwal (Jaipur) - 6,00,000 6,00,000 90,000 15% Arihant Dharmarth Nyas - 50,000 50,000 7,500 15% Ashok Agarwal - 35,00,000 35,00,000 4,20,000 12% Ashok Agarwal HUF - 10,00,000 10,00,000 1,03,750 15% Ashok A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee has filed his return of income on 30.07.2013 declaring total income of Rs. 12,05,000/-. The return was processed u/s 143(1) of Income Tax Act, 1961 on 10.05.2013. The case was selected under scrutiny through CASS and notice u/s 143(2) was issued on 05.09.2014. The preliminary query letter was issued on 30.10.2014. In compliance to these notices, Sh. Ravindra Shah, CA and A/R of the assessee attended the hearing time to time and filed the details which are placed on record. The case is discussed with him. The assessee is partner in M/s. Ajanta Plastic Industries and M/s. Vishal Agencies and has shown interest from these firms. The assessee is deriving salary from M/s. Nangalwala Impex Pvt. Ltd and M/s. Zibaa Builders Pvt. Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ajanta Plastic Industries (Partner's capital 49,15,426 (-) 60,41,698 (-) 11,26,272 3,95,400 12% Vishal Agencies (Partner's Capital) 2,43,949 28,21,000 30,64,949 2,13,202 12% BOB 24,313 - 24,313 7,950 UBI 2,188 (-) 2,188 - 42 BOB, Delhi 19,654 (-) 5,925 13,727 534 BOB, HC 6,10,505 (-) 6,09,1001, 1,405 HDFC Bank 27,956 (-) 27,956 - Total 3,78,26,149 (-) 93,65,146 2,84,61,100 49,63,444 Interest Received (All amounts in Rupees) Name of person from whom money borrowed Opening balance as on 01.04.2012 Amount borrowed/ repaid during the year (+ -) Balance Interest paid for the year Rate of interest Amit Jain 2,00,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... partners. Further, we find that the AO while passing the assessment order has not raised even a query about the allowability of the interest under section 57(iii) of the Act. There is no such query raised either in the notice issued under section 142(1) or otherwise and, therefore, even if the details filed by the assessee were considered by the AO but if the same are not examined in the context of allowability of the claim under section 57(iii), then the case would certainly fall in the category of complete lack of enquiry on a particular issue of allowability of the claim of interest expenditure under section 57(iii) of the Act. Further, the details revealed that the assessee has received the interest @ 12% from M/s. Vishal Agencies, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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