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2014 (7) TMI 421 - AT - Income TaxAccrual of interest income – interest was not received - doubt on receipt of income in future - Held that:- the assessee did not produce any document to show that there existed the circumstances at least by the due date for filing return of income, which has lead him to come to the belief that he will not receive interest any more - the non-receipt of interest alone cannot be a criteria for not offering the same as the income of the assessee, since it has accrued to him and the accrual has also been acknowledged by the debtors - CIT(A) was justified in confirming the assessment of difference amount of interest – Decided against the assessee. Interest expenses u/s 14A r.w. Rule 8D of the Act – Held that:- There is no discussion about the examination of the details furnished by the assessee, particularly the Capital account copy of the assessee in the firm M/s Nathalal Shivlal on which the reliance is placed by the assessee, has not been examined by CIT(A) - there is also transfer of funds to the Partnership concern from M/s Shreeji Textiles - the contention of the assessee requires critical examination - one can accept the claim of the assessee that the investment has been made out of own funds only after examination of the relevant money transactions - the AO has made the disallowance without considering the submissions of the assessee – thus, the matter is to be remitted back to the AO for fresh examination.
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