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TMI Blog2020 (5) TMI 251X X X X Extracts X X X X X X X X Extracts X X X X ..... r non-filing the appeal of the assessee in time. For the sake of completeness, the relevant para of the said affidavit is extracted hereunder :- "I wish to state that I am looking after the accounting work of M/s. Five Elements, Pune. I hereby state that I visit the above firm on a weekly basis and complete the accounting entries and related work. I wish to state that the envelope containing the appellate order passed by CIT(A) in case of M/s. Five Elements for A.Y.2015 - 16 was handed over to me by the employee of M/s. Five Elements around the first week of December, 2018. I hereby state that I kept the said envelope with me with the intention to forward the same to the C.A. of the above firm, Mr. Nimeet Gujarathi and his staff, Mr. Gopa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e C.A. of M/s. Religaire Finvest Ltd. in Form No.26A, the quantum of interest paid by the assessee in this year was reflected at Rs. 54,18,525/- and thereby holding that the difference of Rs. 8,18,695/- is to be taxed as unexplained expenditure u/s 69C of the Act. 3. The learned CIT(A) failed to appreciate that the entire amount of interest paid by the assessee on loan taken from M/s. Religaire Finvest Ltd. was accounted for in the books of the assessee and the same was paid through bank accounts reflected in the books and therefore, the sources of the entire repayment of loan were duly explained and hence, there was no reason to make any addition u/s 69C in the case of the assessee. 4. The assessee submits that the entire repayment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13,79,950/- was disallowed by the Assessing Officer in the assessment. 7. During the first appellate proceedings, regarding this issue, the assessee furnished the Form No.26AS of the payee. On finding, M/s Religare Finvest Ltd. showed the payments to the tune of Rs. 54,18,525/- which is different from Rs. 45,99,830/-, the CIT(A) restricted the addition to Rs. 8,18,695/- (Rs. 54,18,525/- minus Rs. 45,99,830/-) as unaccounted income. The CIT(A) directed the Assessing Officer to re-compute the tax payment by the assessee as per discussion given in para 5 of the CIT(A)'s order. 8. Aggrieved with the same, the assessee is in appeal before the Tribunal with the above extracted grounds. 9. Before me, on this issue, ld. Counsel for the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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