ACIT, FARIDABAD vs. M/S. LAKHANI RUBBER WORKS, FARIDABAD

Appellant by Ms. Richa Rastogi, Sr.DR Respondent by Ms. Aditi Gupta, CA Date of hearing 25.04.2016 Date of pronouncement 26.04.2016 ORDER PER O.P. KANT, A.M.: This appeal by the Revenue is directed against the order of learned Commissioner of Income Tax(Appeals) dated 20.12.2013 in relation to assessment year 2010-11, raising the following grounds of appeal: 1) “On the facts and in the circumstances of the case, Ld. CIT(A) has erred on facts and in law in deleting the disallowance of Rs.21,775/- which was made by the Assessing Officer as per provisions of section 14A(3) of the I.T. Act by applying Rule 8D(2)(ii) & 8D(2)(iii) I.T. Rules being expenditure relatable to income not includable in total income.” 2) “On the facts and in the circumstances of the case, Ld. CIT(A) has erred on facts and in law in deleting the disallowance of Rs.98,439/- which was made by the AO as per provisions of section 36(l)(iii) of the I.T. Act being interest for the period from the date of payment to the date of assets put to use is to be capitalized.” 3) “On the facts and in the circumstances of the case, Ld. CIT(A) has erred on facts and in law in deleting the disallowance of Rs.6,81,405/- which was made by the Assessing Officer as per provisions of section 36(l)(iii) of the I.T. Act being interest on interest free debit balance of its partner in view of the fact that if the assessee had collected the outstanding which were due to it from partner, it would have been able to reduce its indebtedness and thus save a part of the interest.” 4) “On the facts and in the circumstances of the case, Ld. CIT(A) has erred on facts and in law in deleting the disallowance of Rs. 10,32,884/- which was made by the AO as per provisions of section 36(l)(iii) of the I.T. Act being interest on advance used for non-business purposes in view of the fact that if the assessee had collected the outstanding which were due to it from others, it would have been able to reduce its indebtedness and thus save a part of the interest.” 5) That the appellant craves for the permission to add, delete or amend the grounds of appeal before or at the time of hearing of appeal.