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2013 (6) TMI 718 - AT - Income TaxAssessment made u/s 153A/143(3) - Held that:- A search and seizure operation was carried out at the premises of the asessee and therefore we do not find any infirmity in the order of the ld. CIT(A) and dismiss this ground of appeal of the assessee. Disallowance of interest paid - Held that:- Investment of ₹ 26,26,319/- was made at the fag end of the year and only investment of ₹ 8,45,313/- was made under FDR throughout the year. He therefore estimated interest expenditure of ₹ 50,000/- on investment in FDR and allowed deduction for the same against the interest income of ₹ 1,71,688/- assessed by the AO. No material has been brought on record by the ld. AR of the assessee to controvert the above finding of the ld. CIT(A). No material was also brought on record by the ld. AR to show that any expenditure more than ₹ 50,000/- was incurred by the assessee on account of interest for earning of interest income.
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