Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (11) TMI 586 - AT - Income TaxDisallowance of interest paid on unsecured loan - Held that:- As during the course of appellate proceedings before the CIT(A), he has again stated that the assessee could not substantiate his argument that interest was paid in respect of loan utilized for making investment in the partnership firm and no fund flow statement was filed which shows interest bearing fund, if any were utilized for making investment in the partnership firm. In absence of any nexus being established by the assessee in support of his contention that the borrowed funds have been utilized for making investment in the partnership fund, we accordingly do not see any infirmity in the order of the lower authorities. Further, we have gone through the decisions relied upon by the AR and find that the same does not support the case of the assessee as the same were rendered in their peculiar facts and circumstances of the case. - decided against assessee. Disallowance of commission paid to the assessee’s son - Held that:- In absence of demonstrating through verifiable evidence that Shri Ashish Mantri has rendered the service in connection with earning of the commission income by the assessee and in absence of the necessary nexus between the earning of income and rendering of services, no infirmity in disallowance of the commission payment to Mr Ashish Mantri and confirm the findings of the authorities below which remain uncontroverted before us. - decided against assessee.
|