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TMI Blog2024 (6) TMI 1367X X X X Extracts X X X X X X X X Extracts X X X X ..... to charge interest at the rate of 15% but calculated interest only at the rate of 12% - assessee submitted that the assessee has paid interest to some of the parties at the rate of 12% and to the borrower the interest was paid at the rate of 15%. Due to economic slowdown the parties to whom the loans were provided the interest rates were negotiated at the rate of 12%. HELD THAT:- The fact shows th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vidence that assessee received more interest than interest than what is shown. The addition made by AO is incorrect and hence, deleted. Assessee appeal allowed. - Shri Prashant Maharishi, AM For the Assessee : Shri Satya Prakash Singh, AR For the Revenue : Shri R.R. Makwana, DR ORDER PER PRASHANT MAHARISHI, AM: 01. ITA No. 248/Mum/2024 is filed by Hasmukhlal Harjivan Shah Huf (assessee /appellan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee has offered interest income under the head of interest from other sources and also claimed deduction under Section 57(iii) of the Act. Assessee has offered interest income from loans and advances of ₹ 41,48,006/- and has claimed deduction under Section 57(iii) of the Act of interest expenditure of ₹ 32,30,943/-. The assessee was asked to show cause about the claim of deduction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment order under Section 143(3) of the Act was passed on 23rd December, 2019, determining the total income of the assessee at ₹ 17,47,193/-. 05. Aggrieved assessee preferred the appeal before the learned CIT (A), wherein the order of the learned Assessing Officer was confirmed and therefore, the assessee is in appeal. 06. We have heard the rival contention. The fact shows that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer also does not have any evidence that assessee received more interest than interest than what is shown. In view of this, the addition made by the learned Assessing Officer of ₹ 9,35,523/- is incorrect and hence, deleted. Ground no.2 of the appeal of the assessee is allowed. 07. Other grounds of appeal are supportive only and hence not adjudicated. 08. In the result, the appe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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