9911796707
TMI Blog2021 (5) TMI 723X X X X Extracts X X X X X X X X Extracts X X X X ..... o evidence was gathered to demonstrate that the claim of the assessee was wrong. The disallowance was made merely on conjectures and surmises. The Ld. CIT(A) has also not considered the evidences in the record and in one line, rejected the contention of the assessee. This is not in accordance with law. Thus we delete this disallowance. Thus we allow these two grounds of the assessee. Addition made on account of deemed interest income - HELD THAT:- We find that notional income cannot be brought tax under the scheme of the Income Tax Act as held by the Hon'ble Gauhati High Court in the case of Highways Construction Co. Pvt. Ltd. [ 1992 (11) TMI 86 - GAUHATI HIGH COURT ] - Respectfully following the proposition of law laid down in tho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the relevant documents so placed before him in connection with aforesaid loss so claimed by the appellant and in view of the facts and in the circumstances such loss is fully allowable and it may be held accordingly. v. For that in view of the facts and in the circumstances, the Ld. CIT(A) is unjustified in affirming the addition made by AO in addition of ₹ 6,86,705/- being alleged differential amount of interest and in view of the facts and in the circumstances the Ld. CIT(A)'s action is bad in law and it may be held accordingly. vi. For that in view of the facts and in the circumstances, the Ld. CIT(A) failed to appreciate that such addition of ₹ 6,86,705/- is mere estimation by AO without any evidence in suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion above by the Assessing Officer. No evidence was gathered to demonstrate that the claim of the assessee was wrong. The disallowance was made merely on conjectures and surmises. The Ld. CIT(A) has also not considered the evidences in the record and in one line, rejected the contention of the assessee. This is not in accordance with law. Thus we delete this disallowance. Thus we allow these two grounds of the assessee. 6. Ground No. 5 and 6 are against the addition made on account of deemed interest income. We find that notional income cannot be brought tax under the scheme of the Income Tax Act as held by the Hon'ble Gauhati High Court in the case of Highways Construction Co. Pvt. Ltd. vs. CIT 199 ITR 702. 7. Respectfully follow ..... X X X X Extracts X X X X X X X X Extracts X X X X
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