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2021 (5) TMI 174 - AT - Income TaxUndisclosed income - addition was made on the basis of the documentary evidence - CIT-A deleted the addition - HELD THAT:- We find that the ld. CIT (A) has analyzed each and every aspect of the allegations made the AO called for reports, gone through the contents of the information received, the evidences before the revenue, the explanation of the assessee and the remand reports and came to a conclusion that there is no liabilities on the part of the assessee and the revenue could not bring about any cogent material to prove the allegations. Hence, we decline to interfere with the order of the ld. CIT (A). Addition u/s 68 - unsecured loans - creditors gave the loan to the appellant either after borrowing the fund or by obtaining the share application money (in case of corporate creditors only), hence AO held that the creditors had no sufficient money of their own for giving the loan to the appellant - HELD THAT:- There is no justification to treat the Credit as Unexplained, and hence the addition made by the Assessing Officer treating this Loan as Unexplained is hereby deleted. the submission of both the parties, arguments, evidences and find that the ld. CIT (A) has given very cogent reason going through each and every creditors, the copy of ITRs, bank statement, balance sheet, receipt and repayment. No perversity or factual inaccuracies or legal in congruencies could be established. Hence, we decline to interfere with the order of the ld. CIT (A). Deduction u/s 24 - Disallowance of Interest - Miscellaneous Receipts included Rental Receipt - HELD THAT:- A perusal of the facts of the case and the legal position shows that there was no challenge to the fact that the amount was received from M/s HHG Global Pte. Ltd. as Rent, and that the appellate authorities had the jurisdiction to entertain additional claims made before them. In the instant case, the claim for Deduction u/ s 24(a) had been made before the Assessing Officer during the assessment proceedings (though not by revised Return), but by revised Computation of Income, and in view of the fact that the amount in question was basically Rental Receipt, it had to be taxed as Income from House Property and hence the Deduction allowable had to be given to the Appellant. Reliance is being placed on order of the Hon’ble Apex Court in the case of Goetze India Ltd. Vs CIT [2006 (3) TMI 75 - SUPREME COURT]. Hence, we decline to interfere with the order of the ld. CIT (A). Disallowance u/s 14A - HELD THAT:- We find that the assessee has not earned any exempt income and hence we direct that no disallowance is called for, as the Section 14 A will not apply if no exempt income is received or receivable during the relevant previous year.
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