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2017 (5) TMI 119 - ITAT AHMEDABADAdmission of additional evidence u/r 46A - Dis-allowance of interest expenditure - set off of interest expenditure against salary income - According to the assessee he has not made investment for earning exempt income, rather, he has made investment for the purpose of business - Held that: - the AO has never asked assessee to produce copies of acknowledge exhibiting return filed by the lenders. He has issued one SCN to the assessee and thereafter issued summons under section 133(6). He did not confront the assessee whether summons have been served upon lender or any other evidence would be required. The reason for this failure was paucity of time with the AO. He concluded the assessment proceedings within 20 days after seriously taking cognizance of the issues considered in the assessment order. To our mind conditions enumerated at sub-clause (a) to (d) of Rule 46A are available in the present case. Apart from that an irregularity has crept in the proceedings before the ld.CIT(A) vide which the ld.CIT(A) failed to take cognizance of the application moved for permission to lead additional evidence - this irregularity is required to be removed and proceeding is to be instituted at the stage where this irregularity has happened. Matter remanded back to CIT(A) - Decided partly in favor of assessee.
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