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TMI Blog2023 (12) TMI 1128X X X X Extracts X X X X X X X X Extracts X X X X ..... the limits which indicates that the assessee has serviced the interest portion. It is also seen from the paper book submissions of the Ld. AR that the bank has issued a Certificate dated 27/5/2022 regarding the receipt of interest from the CC Account. In view of the above facts of the case, we have no hesitation to delete the addition made by the Ld. Revenue Authorities u/s. 43B of the Act. We therefore allow this ground raised by the assessee. Limited scrutiny proceedings for examining business loss - In case, if the Ld. AO wants to take up the case for complete scrutiny, first the Ld. AO has to convert the limited scrutiny into complete scrutiny case and then he may take up the case for complete scrutiny with the prior approval ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Sri M. Ashok Chowdary a senior citizen was stuck with dengue fever from the last week of November 2022. He was advised to take rest for 3 weeks and again he was stuck with Flu and hence there was a delay of above 23 days. In fact the work was entrusted to L Vaitheswaran Co., Chennai and they could not filed the appeal due to various other reasons. 3 3. On perusal of the reasons advanced by the assessee for filing the appeal before the Tribunal beyond the prescribed time limit with a delay of 24 days, we find that due to ill health of the assessee the assessee was prevented to file the appeal within the stipulated time. In our considered opinion, the explanation given by the assessee constitutes reasonable and sufficient c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Another show cause notice was again issued by the Ld. AO on 25/5/2021. Since the assessee did not furnish any information, the Ld. AO concluded that the assessee has nothing to submit in support of its contention. From the details filed by the assessee, the Ld.AO observed that the assessee has claimed interest expenditure amounting to Rs. 5,81,66,267/-. The Ld. AO observed that the interest payment was not made by the assessee and thereby disallowed the same u/s. 43B of the Act. Further, the Ld.AO also observed that the assessee has deposited cash of Rs. 1,11,00,000/- in Bank of Baroda and treated the said amount as unexplained and taxed u/s. 69A of the Act. However, the Ld. AO gave credit to an amount of Rs. 24,23,842/- being the opening ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 69A of the Act. 6. The Ld. CIT(A) ought to have seen the draft assessment order passed by the Ld. AO where no such addition was made. 7. The Ld. CIT(A) ought to have verified that no notice u/s. 69A was placed before the appellant. 6. Additionally, the assessee has also filed a petition for admission of additional legal ground as follows: On the facts and in the circumstances of the case, the addition of Rs. 86,76,158/- made by the AO u/s. 69A towards alleged unexplained cash deposits in bank account is outside scope of limited scrutiny and hence this addition is liable to be deleted. 7. From the above original grounds of appeal raised by the assessee, two issues emanate as follows: 1. Addition towards Int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and gains of business or profession and hence it cannot be considered as a business loss and no addition can be made. In support of his argument, the Ld. AR relied on the decision of this Bench in the case of Vishnu Srinivasa Rao Kakarla vs. ITO, ITA No.93/Viz/2023 (AY: 2018- 19), dated 15/06/2023. He therefore pleaded that the additions made may please be deleted. Per contra, the Ld. DR heavily relied on the orders of the Ld. Revenue Authorities and argued that the business loss includes both the debit and credit sides of the books of accounts and hence cash deposits are also covered for the purpose of scrutiny assessment. The Ld. DR vehemently argued that the issues are indirectly connected and hence pleaded that the orders of the L ..... X X X X Extracts X X X X X X X X Extracts X X X X
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