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TMI Blog2020 (2) TMI 544X X X X Extracts X X X X X X X X Extracts X X X X ..... llant Smt. Ranu Biswas, Addl. CIT, for the Respondent ORDER Per Shri P.M. Jagtap, Vice-President: This appeal filed by the assessee is directed against the order of ld. Commissioner of Income Tax (Appeals)-12, Kolkata dated 29th March, 2019 and the solitary issue involved therein relates to the disallowance of Rs. 17,55,000/- made by the Assessing Officer on account of salary expenditure, w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts through which salary and bonus to the employees were paid could not be furnished by the assessee. Keeping in view this failure of the assessee to furnish the relevant details and documents and having regard to the fact that the activity of the assessee-company was limited to investment, which had resulted in earning the income on account of interest only to the extent of Rs. 29,79,864/-, the cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he disallowance made by him and sustained by the ld. CIT(Appeals) to the extent of 90% is highly excessive and unreasonable keeping in view the fact that the assessee is a Company, which was engaged in the business of investment and the investment made by it in the unlisted equity shares had increased from Rs. 2,83,50,000/- to Rs. 5,07,05,000/- during the year under consideration as noted by the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld. CIT(Appeals) is highly excessive and unreasonable. According to us, it would be fair and reasonable in the facts and circumstances of the case to restrict the disallowance made by the Assessing Officer on account of salary and bonus to 50%. We accordingly modify the impugned order of the ld. CIT(Appeals) on this issue and restrict the disallowance made by the Assessing Officer on account of sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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