9911796707
TMI Blog2021 (11) TMI 625X X X X Extracts X X X X X X X X Extracts X X X X ..... ount of unsecured loan taken from Shri Deelip L. Patel u/s. 68 of the Act and (ii) Addition of Rs. 4,02,448/- on account of disallowance on interest u/s. 36(1)(iii) of the I.T. 3. The fact in brief is that assessee has filed return of income on 20th Sep, 2013 declaring total income of Rs. 16,13,790/- order, u/s. 143(3) of the Act was passed on 29th Feb, 2016 assessing the total income at Rs. 16,94,100/-. Subsequently, ld. Pr. CIT has passed order u/s. 263 of the Act on 21st March, 2018 and set aside the assessment order of the Assessing Officer to be framed de-novo. Assessment order u/s. 143(3) r.w.s. 263 of the act was finalized on 21st December, 2018. The remaining facts pertaining to the issue contested in this appeal are discussed whil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the payment was made out of the loan of Rs. 52 lacs obtained by the assessee from Shri Dilip L. Patel. He has further submitted that during the course of assessment and appellate proceedings the assessee has furnished relevant supporting documents i.e. copies of ledger account, copies of bank account, loan confirmation letter in support of genuineness of the transaction. However, the lower authorities have unreasonably made the addition without controverting the supporting documents and evidences furnished by the assessee. In this regard, the ld. counsel has referred page no. 55 of the paper book comprising copy of bank statement of the assessee showing loan obtained from Shri Dilip L. Patel by cheque on 16th May, 2012 and 21st May, 2012 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t rate of 15% p.a. The above cheque are reflected in bank statement of Dilip L Patel as well as in bank statement of appellant.(EXHIBIT B and C above) Appellant repaid the amount of unsecured loan of Rs. 52,00,000/- alongwith interest Amount Cheque Number Bank Date Rs. 25,00,000/- 002327 HDFC Bank 09/10/2012 Rs. 27,00,000/- 002328 HDFC Bank 11/10/2012 The Appellant has paid interest of Rs. 1 ,28,638/- (Net of TDS) to Dilip Patel. The said amount is reflected in appellant bank statement as well as Dilip Patel's bank statement. Shri Dilip Patel has also offered the said interest income at Rs. 1,42,932 alonqwith TDS of Rs. 14,293 in his return of income for A.Y 2013-14 & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the unsecured loan was not genuine. Therefore, we are not inclined with the decision of ld. CIT(A). Accordingly, the appeal of the assessee on this ground is allowed. Ground No. 2 (Addition of Rs. 4,02,448/- on account of disallowance on interest u/s. 36(1)(iii) of the I.T.) 8. During the course of assessment, the Assessing Officer noticed that assessee has paid interest @ 12%/15% on the unsecured loan obtained during the year under consideration as compared to interest received by the assessee on FDR maintained with the bank @ 8% per annum. The Assessing Officer was of the view that assessee had paid excess interest to the extent of Rs. 5 to 7% on the unsecured loan obtained during the year under consideration. Therefore, the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
