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TMI Blog2021 (4) TMI 940X X X X Extracts X X X X X X X X Extracts X X X X ..... w the decision of Pradip Kr. Malhotra[ 2011 (8) TMI 16 - CALCUTTA HIGH COURT ] and delete the addition made by the Assessing Officer and sustained by the ld. CIT(Appeals) on account of deemed dividend under section 2(22)(e) of the Act. Ground No. 1 of the assessee s appeal is accordingly allowed. Deduction on account of interest on Housing Loan - D.R. has contended that this claim made by the ld. Counsel for the assessee requires verification by the Assessing Officer - HELD THAT:- Since the ld. Counsel for the assessee has also not raised any objection for getting this matter verified by the Assessing Officer, restore this issue to the file of the Assessing Officer for the limited purpose of verifying the claim of the assessee that d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vrolet Beat car to the extent of 1/3r d. Similarly the disallowance made by the Assessing Officer on account of car maintenance for personal use to the extent of 50% is directed to be restricted to one-third. - I.T.A. No. 340/KOL/2020 - - - Dated:- 23-3-2021 - Shri P.M. Jagtap, Vice-President For the Assessee : Shri Pramod Himmats inghka, A.R. For the Revenue : Shri Jayanta Khanra, JCIT, Sr. D.R. ORDER This appeal filed by the assessee is directed against the order of ld. Commissioner of Income Tax (Appeals)-11, Kolkata dated 23.05. 2019. 2. At the outset, it is noted that there is a delay of 199 days on the part of the assessee in filing this appeal before the Tribunal. In this regard, the assessee has moved an a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s regards the issue raised in Ground No. 1 relating to the addition of ₹ 5, 10,590/- made on account of deemed dividend under section 2(22)(e) of the Act, the relevant facts of the case are that the assessee is an individual, who is engaged in the business of trading and retailing of ply and allied products. The return of income for the year under consideration was filed by him on 09.10. 2013 declaring total income of ₹ 15, 42, 711/-. Although the said return was initially processed by the Assessing Officer under section 143(1) of the Act, it was subsequently selected for scrutiny in CASS. During the course of assessment proceedings, it was noticed by the Assessing Officer that the assessee was 50% shareholder of the company, na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... end and addition made by the Assessing Officer to that extent under section 2(22)(e) was sustained by him. 6. I have heard the arguments of both the sides and also perused the relevant material available on record. The ld. Counsel for the assessee has invited my attention to the extract of ledger account of the assessee in the books of M/s. Akshat Plywoods Pvt. Ltd. placed at page no. 5 of the paper book to show that interest of ₹ 42, 590/- was paid by the assessee to M/s. Akshat Plywoods Pvt. Limited on the outstanding loan amount during the year under consideration. In this regard, he has relied on the decision of the Hon ble Calcutta High Court in the case of Pradip Kumar Malhotra vs.- CIT (ITA No. 219 of 2003) dated August 02 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal is accordingly allowed. 7. As regards the issue involved in Ground No. 2, the limited contention raised by the ld. Counsel for the assessee is that deduction on account of interest on Housing Loan was claimed by the assessee only to the extent of ₹ 1,50, 000/- under section 24(b) of the Act and not ₹ 5, 18,115/- as wrongly taken by the ld. CIT(Appeals). He has contended that the disallowance of ₹ 3, 68,115/- made by the ld. CIT(Appeals) on account of interest on Housing Loan thus is not sustainable. The ld. D.R. has contended that this claim made by the ld. Counsel for the assessee requires verification by the Assessing Officer. Since the ld. Counsel for the assessee has also not raised any objection for getting th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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