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TMI Blog2023 (3) TMI 1345X X X X Extracts X X X X X X X X Extracts X X X X ..... bsence of evidence from the assessee, the disallowance made by the AO does not require any interference. Even before us, no materials placed by the assessee, neither written submission nor Paper Book filed before us. The assessee has not given Power of Attorney to any Authorized Representative to appear for the above case. In the absence of same, we have no hesitation in confirming the order passed by the Lower Authorities. Thus the grounds raised by the assessee are devoid of merits and the same is hereby dismissed. Appeal filed by the Assessee is hereby dismissed. - ITA No. 137/Rjt/2020 - - - Dated:- 22-3-2023 - Smt. Annapurna Gupta, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member For the Assessee : None For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the above explanation is not acceptable since the assessee has not shown any income from the property, but earned professional income vide income from professional work. Therefore the interest expenses of Rs.11,45,971/- is not allowable and therefore disallowed u/s. 57 of the Act. Thus the Assessing Officer determined the income of the assessee at Rs. 8,55,350/- as against the returned loss of Rs. 2,90,621/-. 3. Aggrieved against the same, the assessee filed an appeal before Ld. CIT(A). During the appellate proceedings, the assessee submitted that he purchased a flat which was used for the business purpose and the income earned was shown in the return, however it was not necessary to show the income from the said property for allo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e from other sources and how the loan taken from the bank was utilized exclusively for the purpose of earning said income. Both for the purpose of allowability of interest expenses either u/s.57 of the Act or u/s.37 of the Act, the necessary condition under the Act is that the expenditure (not being in the nature of capital expenditure and not being personal expenditure) must be laid out or expended wholly and exclusively for the purpose of making or earning such income. Thus in absence of evidence from the assessee the AO was justified in disallowing the expenditure claimed under the head income from other sources . During the appellate proceedings it transpired that the loan from the bank was taken for investments in real estate propert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usiness purpose amounting to Rs. 11,45,971/- is unwarranted, unjustified and bad in law. 3. The learned Commissioner of Income Tax (Appeals)-13, Ahmedabad erred in upholding the initiating the penalty proceedings u/s. 271(1)(c) of the IT Act is unwarranted, unjustified and bad in law. 4. The learned Commissioner of Income Tax (Appeals)-13, Ahmedabad erred in upholding the Charging the Interest u/s.234A/B/C/D of the I.T. Act is unwarranted, unjustified and bad in law. 4.1. Today is the 7th time of hearing of this appeal, none appeared on behalf of the assessee. Even in all the previous hearings, in spite of service of notices to the assessee, this clearly shows that the assessee is not interested in pursuing the appeal with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d how the loan taken from the bank was utilized exclusively for the purpose of earning said income. Thus the assessee has not proved allowability of interest expenses either u/s. 57 or u/s. 37 of the Act. In the absence of evidence from the assessee, the disallowance made by the Assessing officer does not require any interference. Even before us, no materials placed by the assessee, neither written submission nor Paper Book filed before us. Further the assessee has not given Power of Attorney to any Authorized Representative to appear for the above case. In the absence of same, we have no hesitation in confirming the order passed by the Lower Authorities. Thus the grounds raised by the assessee are devoid of merits and the same is hereby di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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