BALOO LAL SAMDANI,BHILWARA vs. ITO, WARD-3, BHILWARA

11 ITA Nos. 215/Jodh/2019 On careful perusal of the above chart it is evident that as against the unsecured loan of Rs. 3,26,94,642/- the utilization of fund to the extent of Rs. 3,04,90,944/- is used for the purpose of earning the income, therefore, we are of the considered view that the assessee has demonstrated that the interest paid for which the interest income is sufficient and the amount is almost utilized for the purpose of earning income. Based on this factual aspect which has not been controverted by the lower authorities, we are of the considered view that there is no need to make the addition of Rs. 4,31,700/-. In the light of this discussion ground No. 1 raised by the assessee is allowed.

In the result, the appeal of the assessee is allowed.

Order pronounced under Rule 34(4) of the Income Tax (Appellate Tribunal) Rules, 1963 by placing the details on the notice board. (RATHOD KAMLESH JAYANTBHAI) JUDICIAL MEMBER

Dated : 06/10/2023 *Santosh Copy to: