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TMI Blog2022 (12) TMI 536X X X X Extracts X X X X X X X X Extracts X X X X ..... aptioned appeals and the underlying facts in issues are identical in all the appeals, therefore, all the appeals are decided by this common order for the sake of convenience and brevity. 3. With the concurrence of both the representative facts of ITA No.986/Del/2021 A.Y.2011-12 are considered for disposal of the appeals. 4. Briefly stated the facts of the case are that the original return of income was filed on 22.09.2011 declaring loss of Rs.5,11,01,061/-. Vide order dated 06.02.2014 assessment u/s. 143(3) of the Act was framed and the returned loss was accepted as such. On 01.03.2016 a search and seizure operation was conducted at the premises of Dev Priya Group and accordingly notice u/s. 153A of the Act was issued and served upon the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oans taken from M/s Agarwal Alloys Steels Pvt. Ltd. and M/s Yogya Shipping Pvt. Ltd. are deemed income in the hands of the assessee. Thus, virtually there are no loans against which interest may be claimed. Since the undersigned has not adjudicated the appeal of A.Y. 2010-11, this position in the matter of loans stand final. However there is force in submission of the assessee that the loans which was taken from M/s Agarwal Alloys Steel Pvt. Ltd. in A.Y. 2009-10 has been considered as genuine and explained in the assessment order of A.Y. 2009-10 therefore interest component relating to that loan should be allowed to the assessee. 8.9 In the light of these facts, the issue of allowability of interest on unsecured loans is decided as un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d unsecured loans were taken in A.Y. 2010-11 i.e. A.Y. 2009-10 and not during the year under consideration. It is worthwhile to note that in A.Y. 2009-10 these loans were accepted as genuine but since under the VSV Act 2020. The assessee had to settle the dispute in respect of the entire amount, therefore, the dispute relating the unsecured loans taken by the assessee has been settled under the VSV Act, 2020 which also included the impugned loans whose genuineness had already been accepted in earlier assessment years. The following explanation to section 5 of VSV 2020 would throw light on the impugned quarrel :- "5. Time and manner of payment .... Explanation - For the removal of doubts, it is hereby clarified that making a declarat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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