PANICHIKANDY MOHANDASAN,KASARGOD vs. ACIT, CIRCLE-1,KANNUR RANGE, KANNUR

In the result, appeal of the assessee is partly allowed

Bench: Shri George George K., Vp & Shri Inturi Rama Rao, Am

section 40A(3) of the Act. While making the disallowance the AO observed that genuineness of transaction is not sufficient. The AO also disallowed the claim of depreciation on Multiplex and shopping Mall by holding that construction is not complete. Similarly the AO also disallowed interest on of Rs. 7,88,919/- availed from KFC for construction of Multiplex

M/S.VIJAYA PALACE,,KOLLAM vs. THE ITO, KOLLAM

In the result, the appeal filed by the assessee is dismissed