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M/s. Twenty First Century Securities Ltd Versus Income Tax Officer, Ward 4 (I) , Kolkata

Levy of penalty u/s 271 - disallowance of the interest paid on borrowed funds - Held that - In the present case, the assessee filed the required evidence before the AO in original assessment proceedings wherein the interest amount to the extent of ₹ 57,90,492/- was adjusted to the returned loss in the original assessment and thereafter, while giving effect to order of Tribunal, the AO made the disallowance of the interest paid on borrowed funds. Therefore, it is a clear the AO identified t....... + More

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