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2021 (9) TMI 895 - AT - Income TaxDisallowance u/s.14A - CIT(A) sustained the disallowance to the extent of exempt income - HELD THAT:- Assessee failed to rebut the finding of the ld. CIT(A) by placing any finding of judicial precedent to controvert the finding of ld. CIT(A) confirming the disallowance made u/s. 14A of the Act to the extent of exempt dividend income earned during the year - no infirmity in the finding of the ld. CIT(A). - Decided against assessee. Addition u/s.68 - Unexplained loan transaction - HELD THAT:- In confirmation of accounts there is no transaction during the year and interest has been charged on the opening balance. Other documentary evidence in the form of bank statement has also been filed to prove that the alleged fund was not received during the assessment year under consideration. This fact remains undisputed at the end of the ld. DR also. We, therefore, under the facts and circumstances of the case, are of the considered view that since the alleged sum of ₹ 4 lakhs was not received during the A.Y under consideration, the addition made u/s. 68 of the Act is not called for during the A.Y under consideration - Thus we delete the addition u/s. 68 - Decided in favour of assessee. Disallowance u/s. 69C of interest expenditure on the alleged unexplained cash credit - HELD THAT:- Since the addition made u/s. 68 of the Act for alleged cash credit stands deleted by us and there being no other finding of the ld. AO challenging the genuineness of the interest expenditure, no disallowance is called for. Relevant finding of the ld. CIT(A) is set aside and addition made u/s. 69C of the Act by the ld. AO stands deleted.- Decided in favour of assessee.
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