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2023 (7) TMI 1088 - ITAT AHMEDABADUnexplained credit u/s 68 - advance received by the assessee from alleged prospective buyers of plots where PAN details were not available - CIT-A restricted addition - HELD THAT:- We have noted from the orders authorities below that the assessee had furnished PAN details in a few more cases of advances received, to the ld.CIT(A) and taking note of the same, he had deleted the addition made with respect to these advances following the directions of the ITAT. This method was followed by the Ld.CIT(A) in subsequent years also ,wherein following the direction of the ITAT in A.Y 2008-09 and based on details furnished by the assessee of available PAN numbers of advances, he deleted the addition made by the AO to the said extent. AO not being provided an opportunity to go through the details furnished by the assessee, which the ld.CIT(A) had suo moto taken cognizance of and further reduced the addition under section 68 - We do not find merit in this contention of the ld.DR. The Ld.CIT(A) has allowed relief to the assessee following the directions of the ITAT. In the process he has himself verified the fulfilment of condition directed by the ITAT. We see no infirmity in the same. Ultimately what the ld.CIT(A) has done is undisputedly in the light and in accordance with the direction of the ITAT in Asst.Year 2008- 09. Therefore, we do not find any merit in the grounds raised by the Revenue vi-a-vis restriction of addition made by the ld.CIT(A) under section 68 of the Act. Disallowance of interest expenses u/s 36(1)(iii) - CIT-A deleted addition - HELD THAT:- No reason to interfere in the order of the ld.CIT(A) who has deleted the disallowance of interest u/s 36(1)(iii) of the Act giving factual finding, which have remained uncontroverted by the Revenue before us as under Interest bearing funds were not found by the AO to be utilized for non-business purpose and Interest free advances given by the assessee were made in the course of business of the assessee. In view of the above, order of the ld.CIT(A) deleting the addition of interest under section 36(1)(iii) of the Act is upheld.
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