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TMI Blog2019 (4) TMI 1389X X X X Extracts X X X X X X X X Extracts X X X X ..... amounts with MHADA. Somehow, the project did not materialize. The assessee had received a total sum of ₹ 1.47 cores and ₹ 60 lakhs, which is shown by way of interest and compensation respectively. Both the receipts were shown as business income. The assessee had also interest expenditure of ₹ 1.50 crores in the same year. AO rejected the claim of interest expenditure. CIT (Appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. This Appeal is filed by the revenue to challenge the judgment of Income Tax Appellate Tribunal. Following question is presented for our consideration; Whether, on the facts and in the circumstances of the case and in law the Hon'ble Tribunal was justified in deleting the disallowance of interest expense of ₹ 1,50,21,941/ made by the A.O.? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as under; 5.3. Before us, the DR supported the order of the AO. We find that the assessee had received certain amount under the head interest and compensation, that he had paid interest during the year under consideration, that the AO disallowed the claim made by the assessee, that he was of the opinion that expenditure was not incurred wholly and exclusively for earning the incom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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