SHRI DEEPAK SITARAM LADDHAD,BULDHANA vs. DEPUTY COMMISSIONER OF INCOME TAX, AKOLA CIRCLE, AKOLA
In the result, appeal of the Assessee is Allowed
ITA 375/NAG/2017[2010-11]Status: DisposedITAT Nagpur16 Nov 2022AY 2010-11
Bench: S.S.Viswanethra Ravi & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.375/Nag/2017 िनधा"रण वष" / Assessment Year : 2010-11 Shri Deepak Sitaram The Deputy Commissioner Of Laddhad Laddhad Hospital, Vs Income Tax, Akola Circle, Behind Shivaji College, Akola. Wankhede Layoiut, Buldhana – 443001. Pan: Aarpl 4180 F Appellant / Assessee Respondent / Revenue Assessee By None. Revenue By Shri G.J.Ninawe – Dr Date Of Hearing 10/11/2022 Date Of Pronouncement 16/11/2022 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Against The Order Of Ld.Commissioner Of Income Tax(Appeals)-1, Nagpur Dated 17.07.2017 Emanating From The Order Of The Assessing Officer Dated 14.03.2013. The Assessee Has Raised The Following Grounds Of Appeal: “1] Learned C.I.T.(A) Erred In Confirming The Disallowance The Interest Amounting To Rs.2,80,926/- Out Of Disallowance The Interest Made By A.O. Amounting To Rs.3,69,635/-. 2] Learned C.I.T.(A) Erred In Not Properly Appreciate The Fact Of The Case & Various Submission Filed Before The A.O. & Before Her.
Section 143(3)Section 36(1)(iii)
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3. The AO observed that assessee had claimed interest expenditure of Rs.26,53,824/-. The AO calculated notional interest
@15% which works out to Rs.3,69,635/- on the interest free advances and disallowed the said amount of Rs.3,69,635/- under section 36(1)(iii) r.w.37(1) of the Act. Aggrieved by the same, assessee filed appeal before
