K HARISH KUMAR,BENGALURU vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(2)(1), BANGALORE
In the result, the appeal filed by the assessee stands allowed for statistical purposes
ITA 269/BANG/2022[2014-15]Status: DisposedITAT Bangalore17 Oct 2022AY 2014-15
Bench: Smt. Beena Pillai & Ms Padmavathy Sassessment Year : 2014-15 Shri K. Harish Kumar, The Assistant No. 152/2, 2Nd Floor, Commissioner Of Wheelers Road, Income Tax, Frazer Town, Circle – 1(2)(1), Bangalore – 560 005. Vs. Bangalore. Pan: Agrpk0615Q Appellant Respondent Assessee By : Shri Hemant Pai, Ca : Shri K.R. Narayana, Addl. Revenue By Cit (Dr) Date Of Hearing : 13-10-2022 Date Of Pronouncement : 17-10-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against The Order Dated 18/03/2020 Passed By Ld.Cit(A)-1, Bangalore For A.Y. 2014-15 On Following Grounds Of Appeal:
For Appellant: Shri Hemant Pai, CA
Section 143(2)Section 143(3)Section 36(1)(vii)Section 37(1)Section 40
…ccounts rf the appellant as expenditure. The appellant has not submitted any evidence to substantiate that these loans were advanced wholly or exclusively for its business and that they were revenue in nature. In Travancore Titanium Products Ltd. v CIT [1966} 60 ITR 277(SC) it was held that the expenditure must be directly and intimately connected with the business and must be laid out by the taxpayer in his character as trader. In view of these it is difficult to accept that any liability for payment of such amounts arose during the AY in question. In the light of the same the alternative ground that the impugne…
