Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (4) TMI 125 - MADHYA PRADESH HIGH COURTDisallowance of claim of initial capital - Held that:- The AO has assessed the same based on the investment available and in the absence of any material to show that this was included in the initial capital, deduction was disallowed - This is a reasonable finding based on due appreciation of material and evidence available on record – thus, there is no reason to interfere. Accrued interest on the re-pawned articles – Held that:- The claim has been rejected on the ground that re-pawning was done with various money lenders, and with regard to one of the money lender Shri Jagdish Prasad Sahu, his premises was also raided and amount recovered from him - Accrued interest for re-pawning with the money lender has been allowed and for the remaining amount the explanation has not been accepted on the ground that with regard to re-pawned articles there is nothing to show that the same was reinvested by the Assessee - This has been done based on the material available on record. Imposition of interest u/s 234 B and 234 C of the Act – Held that:- Payment of interest u/s 234 A, 234B and 234C is a mandatory, the assessing authority while passing the original assessment order or while reassessment or rectification order has to pass orders on payment of interest - even if in the order it is indicated that interest be paid in accordance with law, without specifying any particular provision, the benefit has to be given to the Revenue and since payment of interest is mandatory, the interest can be recovered - in the assessment order it is clearly held that interest be charged as per rules – thus, there is no need for any interference in the order – Decided against Assessee.
|