Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, BENCH ‘SMC’ KOLKATA
Before: Hon’ble Shri J.Sudhakar Reddy, AM]
This appeal by the assessee is directed against the order of the Commissioner of Income Tax-(A)-17, Kolkata relating to A.Y. 2006-07.
None appeared on behalf of the assessee despite issue of notice. Hence this case is decided exparte qua the assessee.
I find that the First Appellate Authority has passed an order on merits. He held that a single advance given by the assessee cannot constitute regular business. Accordingly he held that the interest is taxable under the head “other sources” The expenses relatable to such expenditure is allowable u/s 57(iii) of the Income Tax Act, 19061 (Act).
The ld. CIT(A) at para 4 held as follows :- “IV. Ground No.2 : “For that the action of the Le. AO acting as a judicial Authority, assessing the total income of the assessee company by making addition of Rs.185387/- u/s 57(iii) of the Income Tax Act, 1961 as non-business expenses in is arbitrary, bad, erroneous, excessive, and unjustified in facts and circumstances of the case. “ – Mahesh Kumar Singhania (HUF) A.Y.2013-14 2 I do not find any infirmity in this order. Hence this appeal of the assessee is dismissed.
In the result the appeal by the assessee is dismissed.
Order pronounced in the Court on 31.10.2017.