POOJA GROVER,ALLAHABAD vs. DCIT, CIR-2,, ALLAHABAD

In the result, the appeal of the assessee is partly allowed

Bench: Shri Subhash Malguria & Shri Nikhil Choudhary

unexplained money. Further, the appellant has not furnished any explanation regarding creditworthiness of transactions entered into with Mr. Piyush Verma. Merely producing copy of bank statement without any satisfactory explanation cannot justify the genuineness and creditworthiness of the lender. Further, despite affording various opportunities, the appellant failed to produce copy of ITR and/or financial statements, signed copy of confirmation

KESARWANI & C0.,ALLAHABAD vs. JT.CIT., ALLAHABAD

In the result the appeal of the assessee is partly allowed

invested in shares of related company interest was liable to be disallowed under section 36(1)(iii). Observing that the assessee had unsecured loans amounting to Rs.2,38,32,073/- and interest on capital amounting to Rs.31,94,098/- had been paid, the ld. CIT(A) upheld the decision of the ld. AO to disallow interest of Rs.33,520/-. Finally

KESARWANI & C0,,ALLAHABAD vs. JT CIT,, ALLAHABAD

In the result the appeal of the assessee is partly allowed

invested in shares of related company interest was liable to be disallowed under section 36(1)(iii). Observing that the assessee had unsecured loans amounting to Rs.2,38,32,073/- and interest on capital amounting to Rs.31,94,098/- had been paid, the ld. CIT(A) upheld the decision of the ld. AO to disallow interest of Rs.33,520/-. Finally

KESARWANI & CO.,ALLAHABAD vs. JT.CIT,, ALLAHABAD

In the result the appeal of the assessee is partly allowed

invested in shares of related company interest was liable to be disallowed under section 36(1)(iii). Observing that the assessee had unsecured loans amounting to Rs.2,38,32,073/- and interest on capital amounting to Rs.31,94,098/- had been paid, the ld. CIT(A) upheld the decision of the ld. AO to disallow interest of Rs.33,520/-. Finally