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2019 (1) TMI 1656 - AT - Income TaxInterest payable to bank - assessee has mentioned in the profit and loss account - HELD THAT:- The revenue authorities have noticed that a loan (liability) of ₹ 1,11,73,554/- against which the assessee has claimed interest of ₹ 20,38,472/- and the Assessee has further given interest free loan to his daughter Ms. Mehak Gandhi to the tune of ₹ 1,57,26,728 meaning thereby that assessee has claimed interest expenses of borrowed capitals and by giving interest free advances to his daughter. This not for business purposes. Assessee has claimed before the revenue authorities by not filing any documentary evidence, therefore, fully agree with the reasons mentioned by the revenue authorities especially the Ld. First Appellate Authority for confirming the addition of ₹ 20,38,472/- on account of interest on loan of ₹ 1,11,73,554/-. Hence, no interference is called for in the well reasoned order of the Ld. CIT(A) - Decided against assessee Credit card payment - nature of expenditure - revenue or capital expenditure - HELD THAT:- Expenses on ICICI Credit Card and the credit facility from Phoenix ARC Pvt. Ltd. was transferred by the assessee to his capital account. Since the assessee has himself capitalized these amounts by transferring the same to his capital account without crediting the same in the profit and loss account. In my view and keeping in view of the orders of the revenue authorities, especially the impugned order passed by the Ld. First Appellate Authority, AO has rightly made the addition in dispute and Ld. CIT(A) has confirmed the same on the basis of the documentary evidences produced by the assessee. - Decided against assessee
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