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2020 (7) TMI 622 - AT - Income TaxAddition made on account of interest on interest free deposit received - HELD THAT:- As could be seen from the facts on record, identical addition of interest on interest free security deposit was made by the AO in assessee’s own case in the assessment year 2012–13. When the dispute ultimately came up for consideration before the Tribunal [2018 (2) TMI 1987 - ITAT MUMBAI] the Tribunal after considering the submissions of the parties and relevant facts and materials on record, though, upheld the decision of the Assessing Officer in computing interest on interest free security deposit received by the assessee, however, the quantum was reduced from 10% to 9%. Disallowance of interest expenditure - HELD THAT:- Similar disallowance was made by the Assessing Officer in assessment year 2012–13, which was confirmed by Commissioner (Appeals), however, the assessee did not contest such disallowance before the Tribunal. Even otherwise also, the assessee had not established on record that the interest expenditure is directly incurred for earning interest income. That being the case, we uphold the disallowance made by the Assessing Officer and confirmed by learned Commissioner (Appeals). Set–off of business loss against the other heads of income while completing the assessment - HELD THAT:- As it appears from the facts on record, this issue was not raised by the assessee before learned Commissioner (Appeals). This is evident from the grounds of appeal attached with Form no.35. Therefore, there was no occasion on the part of learned Commissioner (Appeals) to examine the issue. It is before the Tribunal the assessee has raised the issue by way of additional ground. Though, we admit the additional ground considering the fact that the AO has also accepted the loss while computing the income of the assessee, however, whether such loss can be set–off against income from other heads is subject to verification by the AO. Accordingly, we restore the issue to the file of the Assessing Officer for deciding afresh in accordance with law after providing due opportunity of being heard to the assessee. This ground is allowed for statistical purposes.
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