PRINCIPAL COMMISSIONER OF INCOME TAX 5,KOLKATA vs. ADITYA SARAF HUF
ITAT/30/2022HC Calcutta02 Jan 2023
Bench: The Hon’Ble Justice Harish Tandon The Hon’Ble Justice Prasenjit Biswas Date: 5Th July, 2023 Appearance Mr. Raghunath Das, Advocate Ms. Monalisa Das, Advocate ….For The Appellant Mr. Prithu Dudheria, Advocate …For The Respondents The Court: This Is Virtually A Second Round Of Litigation Before This Court, Assailing An Order Of Income Tax Appellate Tribunal, Kolkata Bench “Sms” Kolkata Dismissing The Appeal Filed By The Assessee/Petitioner Pertaining To The Assessment Year 2009-10. While Filing The Income Tax Return, The Petitioner Disclosed The Income & Further Deducted The Amount Of Interest Paid On Personal Loan & Other Loans. At The Time Of Scrutiny, It Was Found That Substantial Amount Of Money Was Deposited In Cash With The Savings Bank Account By The Petitioner Who Is Admittedly A Medical Practitioner & Purchased A Ct Scan Machine For His Profession Or Business. The Department Was Of The View That The Personal Loan Cannot Be Equated With The Business Loan Where The Interest Is An Allowable
Section 32Section 32(1)
Section 32(1) of the Income
Tax Act.
The department assailed the order of Tribunal before this Court
and the said appeal was disposed of modifying the order relatable to the
percentage of depreciation without interfering and touching upon the merit
and the other part of the order of the Tribunal. This Court held that the
petitioner is entitled
