DY.C.I.T.1(1), RAIPUR (CG) vs. M/S NAVBHARAT PRESS, RAIPUR (CG)
In the result, appeal filed by Revenue is dismissed
ITA 160/BIL/2014[2010-11]Status: DisposedITAT Raipur15 Jan 2018AY 2010-11
Bench: : Shri N.S.Saini & Shri Pavan Kumar Gadale, Judical Member Dcit-1(1), Raipur-1 Vs Navbharat Press, Press Complex, G.E.Road, Raipur(C.G.)-492001 Pan No. : Aadfn 0350 R (Appellant) Tsednepser .. Revenue By : Shri Ajit Kumar Laskar, Dr Assessee By : None(Written Submission) Date Of Hearing : 12/01/2018 Date Of Pronouncement 15/01/2018 आदेश / O R D E R Per Shri N.S.Saini, Am: This Is An Appeal Filed By The Revenue Against The Order Of The Cit(A), Raipur, Dated 12.06.2014 For The Assessment Year 2010-2011. 2. The Revenue Has Raised The Following Grounds :- “1. Whether In Law & On Facts & Circumstances Of The Case, The Cit(A) Has Erred In Deleting The Disallowance Of Interest U/S.36(1)(Iii) Of The Income Tax Act, 1961 Of Rs.41,54,811/- As Interest Bearing Funds Were Used For Non-Business Purposes.” 3. Brief Facts Of The Case Are That The Assessee Is A Partnership Firm Derives Income From Printing & Publishing Of Hindi Daily Newspaper “Nav Bharat” & English Daily “Central Chronicle” From Raipur. The Assessee Filed Its Return Of Income Declaring Total Income Of Rs.1,85,77,530/-. Thereafter The Ao Framed The Assessment U/S.143(3) Of The Act Determining The Total Income Of The Assessee At Rs.2,27,32,341/-.
For Appellant: None(Written Submission)For Respondent: Shri Ajit Kumar Laskar, DR
Section 143(3)Section 36(1)(iii)Section 44A
vii)CIT
Vs.
Harrisons
Malayalam
Ltd.
(2012)
25
taxman.com546/210 Taxman.115 (Ker);
Accordingly, by applying rate of interest @ 12% p.a. on the debit balance of partner, the A.O disallowed interest expenditure of Rs.41,54,811/- u/s 36(1)(iii) of the Act.
4. On appeal before the CIT(A), the assessee submitted that the assessee is regular in filing his income
