9911796707
TMI Blog2022 (9) TMI 1248X X X X Extracts X X X X X X X X Extracts X X X X ..... dence which should have been done in the opinion of the Revenue authorities. Hence, we are of the considered opinion that the order of ld. CIT (A) is not sustainable and accordingly we set aside the same on this issue. Funeral expenses - Assessee s claim was that the same was related for business inasmuch as expenditure represents payment mad to microfinance clients on the death of their family members. It was held by the Revenue authorities to be not related to the business of the assessee. In our considered opinion on the facts and circumstances of the case, this expenditure deserves to be allowed and same is directed to be allowed accordingly. Appeal of assessee allowed. - ITA No. 2420/Del./2018 - - - Dated:- 23-9-2022 - SHRI SH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77/- (as discussed above) 5. Funeral expenses Rs.4,000/- (as discussed above) 6. General Fund Rs.1,09,790/- (as discussed above) 7. Depreciation Rs.3,46,459/- (as discussed above) 4. Against the above order, assessee filed an appeal before the ld. CIT (A). Ld. CIT (A) granted substantial relief, however confirmed the disallowance of interest of Rs.9,56,529/- and funeral expenses of Rs.4,000/-. 5. Against this order, assessee is in appeal before us. We have heard the ld. DR for the Revenue. Nobody is appearing on behalf of the assessee for the past several occasions. The notices have also returned unserved. In this view of the matter, we are disposing off this appeal by hearing ld. DR for the Revenue and perusing th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t bank lying idle. The observation of the AO that the appellant is deliberately incurring losses by paying more interest, is correct as borne out by the facts of the case. The AR of the appellant has stated that the funds were taken for micro-financing programme but despite taking fresh loans amounting Rs.1,44,99,650/- during the year, the micro finance advances reduced to Rs.1,14,32,169/- as compared to Rs.2,14,42,778/- in the preceding year i.e. AY 2009-10 whereas interest paid during the year increased to Rs.19,13,058/- as compared to Rs.17,52,092/- in the preceding year. The total loans taken at the end of the year were Rs.2,32,62,486/- whereas the micro finance advances given were only Rs.1,14,32,169/-. It is apparent that the loans ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
