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Income Tax Appellate Tribunal, “D” BENCH, MUMBAI
Before: SHRI SHAMIM YAHYA, AM & SHRI AMARJIT SINGH, JM
O R D E R
PER AMARJIT SINGH, JM:
The assessee has filed the present appeal against the order dated 26.12.2016 passed by the Commissioner of Income Tax (Appeals) -54, Mumbai [hereinafter referred to as the “CIT(A)”] relevant to the A.Y.2010- 11.
2. The assessee has raised the following grounds: - “1. On the facts and circumstances in the case and in law- The Ld. CIT(A) erred in sustaining the disallowance out of interest expenses to the extent of Rs.66,12,000/- without appreciating properly the facts and circumstances of the case. A.Y.2010-11
The Ld. CIT(A) erred in sustaining the disallowance of Rs.1,67,118/- out of Miscellaneous expenses without appreciating that these exposes incurred on books and periodicals, general charges subscriptions and service charges were of routine nature and incurred for the purposes of business.”
The brief facts of the case are that the assessee filed its return of income on 15.10.2010 declaring total income to the tune of Rs.2,59,09,851/-. The assessee also filed the revised return of income on 12.12.2011 declaring total income to the tune of Rs.2,59,09,851/-. The return was processed u/s 143(1) of the I.T. Act, 1961. Thereafter, the case was selected for scrutiny and notices u/s 143(2) & 142(1) of the Act were issued and served upon the assessee. The assessee company derives income from business of manufacturing on job work basis and sales of safety Raxer Blades etc. At the time of assessment, the AO disallowed the claim of the excise duty of Rs.1,54,90,037/- which was not proved and also disallowed the interest expenses in sum of Rs.23,05,58,237/- and Miscellaneous expenses in sum of Rs.62,52,979/- and assessed the total income of the assessee in sum of Rs.9,58,30,852/-. Feeling aggrieved, the assessee filed an appeal before the CIT(A) who partly allowed the claim of the assessee but the assessee was not satisfied on the issues which has been raised in appeal and mentioned above, therefore, the assessee has filed the present appeal before us.
ISSUE Nos. 1
At the time of argument, the assessee did not press the issue no. 1, therefore, this issue is being decided in favour of the revenue being not pressed.