TMI Blog2022 (6) TMI 400X X X X Extracts X X X X X X X X Extracts X X X X ..... ents of the Ld. AO, forming part of statement of facts, we find that out of total alleged amount the assessee has only claimed interest expenses in its P L account and remaining amount has been shown as pre-operative expenses and assessee has not claimed this expenditure. We find that so far as interest as concerned undisputedly since the same has been claimed in the P L account, but not paid by the assessee during the financial year 2013-14 and even not before the due date of filing of return u/s. 139(1) of the Act, the same deserves to be disallowed u/s. 43B of the Act and thus, the disallowance to this extent at Rs. 54,07,413/- is confirmed. But, for the remaining amount since the assessee is not claiming deduction in the P L ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The revenue has raised the following grounds of appeal:- 1. That on the facts and circumstances of the case, the Ld. CIT(A) erred in allowing relief to the assessee by deleting the entire interest expenses on secured loans amounting Rs. 3,55,54,116/-. 2. The appellant craves the leave to make any addition, alteration, modification of grounds at the appellate stage. 4. Brief facts of the case are that the assessee is an individual and engaged in the business of property developer. The assessee filed its return of income for the AY 2014-15 on 31-03-2015 declaring total income Nil. The case was selected for scrutiny followed by service of notices issued u/s. 143(2) and 142(1) of the Act. During the assessment proceedings the Ld. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 54,07,493/- has been claimed by the assessee in the P L account and remaining amount of Rs. 3,01,46,623/- has been transferred to preoperative expenses and shown in the asset side of the balance sheet and, therefore, disallowance u/s. 43B of the Act cannot exceed Rs. 54,07,493/-. 8. We have heard the rival contentions and perused the records placed before us. The revenue's grievance is that the Ld. CIT(A) erred in deleting the disallowance made u/s. 43B of the Act for unpaid bank interest on secured loans of Rs. 3,55,54,116/-. We find that so far as amount of bank interest payable on the secured loans is concerned, there is no dispute. As far as invoking of provisions of section 43B is concerned, if an assessee claims certa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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