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2023 (8) TMI 1275 - ITAT MUMBAIRevision u/s 263 - assessee had utilized the unsecured loans for non business purpose and interest paid on the same has been claimed as business expenses - HELD THAT:- As perused the copy of notice u/s 142(1) issued by the AO vide which various details in respect of the unsecured loan reflected in the balance sheet was called from the assessee. In response the assessee has furnished name and address of the unsecured loans creditors, their PAN no. and amount of unsecured loans taken during the year along with copies of confirmation of loan account and copies of income tax return filed by the lenders, their bank statement and their ledger account as placed in the paper book by the assessee. Ld. Counsel has demonstrated from the copy of various documents placed in the paper book as referred above that assessee has provided the complete details of unsecured loan obtained by the assessee during the year under consideration. However, we have find that regarding utilization of the loans the assessee has only stated that the loans were utilized for import of goods. Assessee has not provided any other relevant material to demonstrate that unsecured loans were utilized for import of goods - AO has not verify the utilization of unsecured loan for the business purpose. Therefore, the order of the PCIT passed u/s 263 of the Act is sustained to the limited extent of verification of the claim of the assessee with respect to utilization of unsecured loan for business purpose. Accordingly, the appeal of the assessee is partly allowed.
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