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2023 (8) TMI 69 - ITAT KOLKATADisallowance of interest expenditure as against the interest income earned during the year - HELD THAT:- We noticed that the assessee at the time of hearing before CIT(A) could not able to controvert the fact to substantiate its claim by filing any documents or papers and similarly even before us by the assessee nor its representative appeared to controvert the fact. Therefore, it is clearly established that the borrowed fund has been utilized by the assessee to procure the shares of such known and related companies and most of them are unquoted shares, therefore, the interest expenditure as claimed by the assessee as business expenditure is not established and on this ground CIT(A) sustained the order passed by the AO. Therefore, the net interest expenditure in the case of assessee remained as expenditure but the assessee failed to use entire loan fund in business. CIT(A) correctly affirmed the addition made by the AO in the hands of assessee. We examined all the facts from the findings of the authorities below and viewed that there is no infirmity in the order passed by the ld. CIT(A). Accordingly, grounds taken by the assessee are rejected.Decided against assessee.
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