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2013 (10) TMI 320 - HC - Income TaxCorrectness of orders u/s 264 and u/s 154 of the Income Tax Act – Held that:- From perusal of record, it is evident that the assessee did not produce any evidence for the payment of interest on loan to lenders - Assessee himself revised his claim of deduction of interest on borrowed capital to Rs. 31,000/- as against Rs. 1,96,231/- claimed by the assessee, on the basis of the revised computation of income filed by the assessee. The difference of the amount has been added by the authority which cannot be said to be a mistake on the face of record. The Commissioner of Income Tax has rightly passed orders under section 264 as well as under section 154 of the Act as the assessee did not produce any evidence in support of his claim. The Commissioner has rightly observed that merely submitting details of income of borrowers would not entitle the assessee to claim interest paid on borrowed capital. The law requires that assessee has to furnish necessary proof of actual payments of interest to the borrowers – Decided against the Assessee.
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