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2017 (4) TMI 1105 - HC - Income TaxDisallowance towards the claim of Bad Debts/Business loss - Held that:- When assessee's case has travelled to the Tribunal in the second round and assessee had sufficient opportunity to prove the genuineness of the claim of bad debt of ₹ 30,47,240/-and then also he has been unable to satisfy the lower authorities and even before us, during the course of hearing, we do not find any reason to accept the contentions and claim made by the assessee in this ground relating to disallowance of bad debt of ₹ 30,47,240/-in the given circumstances and we dismiss the same and uphold the order of ld. CIT(A). In nut shell in the ground no.1 raised by assessee towards disallowance of business expenses at ₹ 54,29,508/-we delete the addition of ₹ 23,82,268/-and sustain the remaining part at ₹ 30,47,240/-. Disallowance towards the claim of interest paid for business consideration - Held that:- Tribunal has independently considered the disallowance of interest of ₹ 23,54,592/-and has confirmed the disallowance claimed by the assessee towards interest paid for business consideration on the ground that the amount of interest has been paid on loans taken has actually been diverted towards investment in shares and other non interest bearing investment. Assessee appeal dismissed.
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