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2022 (6) TMI 114 - AT - Income TaxAddition of interest payment u/s 36(1)(iii) - relief of interest was granted to the extent of amount of loan which was vehicle loan and for business purposes - HELD THAT:- CIT(A) while upholding the addition has noted that Assessee had given Rs. 1,77,99,844/- advance against share application money, no shares were allotted within a reasonable period of 60 days and Assessee had also not given any evidence to show that the shares were allotted on the share application money advanced by the Assessee. He has further given a finding that the advancing for share application money has not been proved to be for business purpose. As far as other interest free amounts advanced, he has given a finding that Assessee has not proved that the loan was given for commercial expediency. Before us no material has been placed by Assessee to point to any fallacy in the findings of CIT(A). We thus find no reason to interfere with the order of CIT(A) and thus the ground of assessee is dismissed. Disallowance u/s 40(ia) on account of non deduction of TDS - CIT(A) has granted relief to the extent of the TDS that was deducted and paid by the Assessee till the filing of return - HELD THAT:- With respect to the amount of Rs. 8,51,234/-, the disallowance of which has been upheld, he has given a finding that no evidence has been placed by assessee to demonstrate that the required TDS was deducted and deposited with the appropriate authorities. Before us, no fallacy in the findings of CIT(A) has been pointed by the Assessee. In such circumstances, we find no reason to interfere with the order of CIT(A) and thus the ground of Assessee is dismissed. Addition u/s 40A(3) - assessee had made payments in cash aggregating to Rs. 6,00,000/- - HELD THAT:- We find that CIT(A) while upholding the addition has noted that Assessee has neither given the details or justification for cash payment before Assessing Officer and him. Before us also, no material has been placed by Assessee to point any fallacy in the finding of CIT(A). We therefore find no reason to interfere with the order of CIT(A) and thus the ground of Assessee dismissed. Disallowance of interest expenses on FBT holding it to be penal in nature - HELD THAT:- Before us, no material has been placed by Assessee to point any fallacy in the findings of CIT(A). We therefore find no reason to interfere with the order of the CIT(A) and thus the ground of Assessee is dismissed.
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