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2019 (2) TMI 1804 - AT - Income TaxRevision u/s 263 - Assessment u/s 153A - claim of interest expenses against interest income - HELD THAT:- In this case, assessee has shown has to have received ₹ 42,11,011/- as interest income in the year under consideration, and has also claimed interest expenditure of ₹ 57,37,042/- resulting into declaration of loss of ₹ 15,26,031/- under the head “Income from Other Sources”. We can see in this case, during search no incriminating material was found and ld. A.O. made adequate enquiry in this case. In this case, assessee cannot be branded as erroneous as there has been inquiry with regard to claims made and mere inadequacy cannot ground for taking action u/s. 263 of the Income Tax Act. A.R. also cited a case of Pr. CIT Vs. Saumya Construction Pvt.Ltd. [2016 (7) TMI 911 - GUJARAT HIGH COURT] wherein has been held that assessment “u/s. 153A, relation to material disclosed during search or requisition; if no incriminating material is found during search, no addition can be made on basis of material collected after search. We allow both the appeal of the Assessee.
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