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TMI Blog2024 (6) TMI 1430X X X X Extracts X X X X X X X X Extracts X X X X ..... ceeding.
We do not find anything wrong with the order of the ld. CIT(A). Therefore, the decision of the ld. CIT(A) to delete the addition in respect of unsecured loan is upheld.
Addition in respect of interest - CIT(A) correctly Restricted the addition to Rs. 43,466/- as recommended by the AO.
Aappeal of the Revenue is dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT (A) erred in law and on facts in deleting the disallowance of Rs 46,78,007/- on account of the interest expenses. (c) The appellant craves leave in add, after and for to amend all or any the ground before the final heating of the appeal." 4. Shri J.L. Bhatia ld. Sr. D.R. relied upon the order of the Assessing Officer for the addition as made and submitted that the relief allowed by the ld. CIT(A) was not correct. On the other hand, Shri Jignesh Parekh, ld. A.R. of the assessee submitted that the assessee had filed additional evidences before the ld. CIT(A) who had allowed the relief to the assessee after obtaining remand report from the Assessing Officer. He relied upon the decision of ITAT Delhi in the case of ACIT vs. Anu Bajaj 159 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... well as scanning and uploading on e-portal. It is therefore noticed that the contention raised by the assessee is found to be correct. In present submission, the assessee has submitted the details with respect to unsecured loans and interest expenses as per Annexure-5 submitted before A.O. at the time of assessment proceedings and Annexure 6 requesting to admit as additional evidence. The same is verified, found satisfactory and believable Regarding addition on account of interest expense of Rs. 47,22,073, it is noticed that the assessee has paid Rs. 43,466/- as interest on late payment of TDS and VAT. The extra amount charged for such delayed payment is of punitive nature which cannot be said to have been incurred in the regular course ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... details and documents in respect of the unsecured loan as well as interest expenses which was verified by the Assessing Officer and the evidence as produced was found satisfactory. There was no objection by the AO to the admission of the additional evidences as well. The ld. CIT(A) had, therefore, rightly deleted the addition on the basis of the additional evidences brought on record in the course of the appeal and the verification as was carried out by the Assessing Officer in the remand proceeding. We do not find anything wrong with the order of the ld. CIT(A). Therefore, the decision of the ld. CIT(A) to delete the addition in respect of unsecured loan of Rs. 1,62,20,000/- is upheld. 6. The addition of Rs. 46,78,007/- in respect of int ..... X X X X Extracts X X X X X X X X Extracts X X X X
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