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TMI Blog2021 (5) TMI 723X X X X Extracts X X X X X X X X Extracts X X X X ..... ected against the order of Learned Commissioner of Income Tax (Appeals) - 16, Kolkata [hereinafter the "CIT(A)] passed u/s. 250 of the Income Tax Act, 1961 (the 'Act'), dated 06.02.2020 for the Assessment Year 2014-15 on the following grounds: "i. For that in view of the facts and in the circumstances, the Ld. CIT(A) was unjustified in affirming the action of the AO in disallowing the cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Rs. 6,86,705/- being alleged differential amount of interest and in view of the facts and in the circumstances the Ld. CIT(A)' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of Kolkata Bench of the ITAT in the case of Santosh Suresh Kumar Agarwal ITA No. 1162/Kol/2018 order dated 05.09.2018 wherein the Tribunal followed the decisions of the Coordinate Bench of this Tribunal in the case of Rajda Polymers in ITA No. 333/Kol/2017 order dated 08.11.2017 and the case of DCIT vs. M/s. Maco Corporation (India) Pvt. Ltd. in ITA No. 16/Kol/2017, Assessment Year 2013-14, orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 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 High ..... X X X X Extracts X X X X X X X X Extracts X X X X
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