No AI summary yet for this case.
Revenue by: Shri Dharam Veer Singh-DR Assessee by: Shri Vipul J. Shah-AR सुनवाई क� तारीख / Date of Hearing: 05/06/2017 घोषणा क� तारीख / Date of Pronouncement:05/06/2017 आयकर अिधिनयम आयकर अिधिनयम,1961 क� क� धारा धारा 254(1)केकेकेके अ�तग�त अ�तग�त आदेश आदेश आयकर आयकर अिधिनयम अिधिनयम क� क� धारा धारा अ�तग�त अ�तग�त आदेश आदेश Order u/s.254(1)of the Income-tax Act,1961(Act) लेखा सद�य लेखा सद�य, राजे�� के अनुसार लेखा सद�य लेखा सद�य राजे�� के अनुसार राजे�� के अनुसार/ PER Rajendra A.M.- राजे�� के अनुसार Challenging the order,dtd.07/12/2010,of the CIT(A)-16,Mumbai,the assessee had filed the present appeal.Assessee,an individual,is a director of a company.He filed his return of income on 20/12/2007,declaring income at Rs.17.60 lakhs.The Assessing Officer(AO)completed the assessment u/s.143(3) of the Act,on 30/12/ 2009,determining his income at Rs.70.82 lakhs. Brief Facts: 2.It is a recalled matter.Effective ground of appeal is about addition of Rs. 52.73 lakhs, being interest received on FDR.s.During the assessment proceedings, the AO observed that the assessee had earned bank interest of Rs.52,73,706/-, that against the interest income received he has claimed set off of interest expenditure of Rs. 57.18 lakhs. He directed the assessee to explain the allowablity of interest paid against the interest receipt after considering the submission of the assessee,the AO held that the assessee had paid interest on the loan taken from the bank, that the interest paid could not be allowed as per the provisions of section 57 of the Act. He disallowed the claim made by the assessee. Aggrieved by the order of the AO, the assessee preferred an appeal before the First Appellate Authority (FAA), who confirmed the order of the AO. 3.The assessee agitated the matter before the Tribunal.Vide its order dated 31/05/2016 (ITA/ 1658/Mum/2011),the Tribunal dismissed the appeal filed by the assessee. Assessee filed a miscellaneous application and stated that the assessee had filed additional evidences in the 1658/Mum/11-Madan Singh paper book and had requested for admission of the same as per the application dated 29/02/2016, that reliance was placed on the assessment records for the AY.s 2006-07 and 2008-09,that interest on loan was allowable as a deduction. After considering the submissions of the assessee the Tribunal recalled its order.
4.During the course of hearing before us,the Authorised Representative(AR) stated that the assessee had made an application for admitting the additional evidences, that evidences proved that claim made by the assessee was genuine and allowable, that in the similar circumstances the AO had accepted the stand taken by the assessee in the earlier years. He referred to the documents listed at serial number 7 – 15 of the index of the paper book in his support. The Departmental Representative (DR) left the issue to the discretion of the Bench.