2022 (11) TMI 475 - AT - Income Tax
Disallowance of interest at the rate of 15% u/s 36(1)(iii) - HELD THAT:- We find the assessee through its authorized representative sought adjournment from time to time on the ground that the relevant documents were seized by the Pune Police. Having no evidence forthcoming from the assessee, CIT(A) having given ample time of two years to the assessee, confirmed the order of the Assessing Officer basing on the material evidence available on record along with the statement of facts filed by the assessee with Form No.35.
As noted from the record that the assessee filed the appeal memo in Form No.36 on 05.04.2019 and appeal was fixed for hearing on 12.05.2022. There was no proceeding on 12.05.2022, the appeal was adjourned to 20.07.2022. It is noted from the order sheet that from 20.07.2022, again on 25.08.2022 and today on 13.10.2022 there was no appearance on behalf of the assessee, but the appeal was adjourned from 20.07.2022 to 13.10.2022 for non-appearance of assessee. Therefore, there was no material placed on record by the assessee nor appeared through its authorized representative. Therefore, considering the material available on record, having no explanation offered by the assessee, we confirm the order of the CIT(A). We totally agree with the reasons recorded by the CIT(A) vide para 3 of the impugned order. Thus, ground of appeal no.1 raised by the assessee is dismissed.
Disallowance u/s 14A r.w. Rule 8D - no details were furnished by the assessee regarding the profits accumulated by the assessee and its utilization for investments in subsidiary company - AO by applying Rule 8D(2)(ii) and 8D(2)(iii) made disallowance u/s 14A - HELD THAT:- Before us, no evidence in support of its claim were filed along with Form No.36 and in the absence of which, we have no option, except to confirm the order of the CIT(A). We agree with the reasons recorded by the CIT(A) - Therefore, the order of the CIT(A) is justified and ground of appeal no.2 raised by the assessee is dismissed.