SAUMABHA DASGUPTA vs. THE COMMISSIONER OF INCOME TAX (APPEAL) 6 KOLKATA AND ANR

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

depreciation to the extent of 15% was allowed instead of 40%. The petitioner challenged the notice of demand as well as the revised assessment order taking a further plea that the assessing officer not only included the interest paid on the personal loan but also included the interest paid on the other loan which was also disallowed in an earlier