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2022 (12) TMI 746 - AT - Income TaxUndisclosed commission income - HELD THAT:- The assessee offered an amount as C & F commission agent for FY 2008-09. During the course of hearing before the ld. AO the assessee accepted Rs. 3000 in July’08 bill and Rs. 43 in August ’08 bill erroneously not accounted. Assessee has also disclosed Rs. 32,406/- as other commission under miscellaneous income. Thus total commission income has been shown at Rs.6,33,831/-. Therefore, under the given facts there was no further requirement to make addition and the same is hereby deleted. The finding of the ld. CIT(A) is reversed. Ground no. 1 is allowed. Unaccounted reimbursement expenses - HELD THAT:- The assessee claimed expenses as reimbursable being amount spent on behalf of M/s. FKIPL. These expenses were directly debited in M/s. FKIPL account and not to Profit & Loss A/c. The reimbursement of expenses received from M/s. FKIPL have been treated as unaccounted expenditure by Revenue. We, however, on perusal of the submissions of the assessee made before the ld. CIT(A) find merit and hold that no such addition was called for as these are merely reimbursement of expenses, which the assessee has incurred on behalf of M/s. FKIPL and got it reimbursed but not debited to the P/L account. Thus, finding of ld. CIT(A) is reversed. Ground no.2 raised by the assessee is allowed. Addition for concealed interest - HELD THAT:- We observe that the assessee received Rs.26,984/- net of TDS during FY 2008-09, which was related to FY 2007-08. The assessee filed necessary details before the ld.AO to show that the alleged interest on security relates to FY 2007-08 and the same was duly disclosed in the P/L account in the preceding year. This submission of the assessee before the ld. CIT(A) stands uncontroverted by the ld. DR. We are, therefore, inclined to hold that the ld.AO erred in making addition - The finding of the ld. CIT(A) stands reversed. Ground no. 3 is allowed. Disallowance of interest - loan was taken for the purpose of construction of house property - HELD THAT:- As on perusal of the written submissions before the ld. CIT(A) it is discernible that the assessee had taken housing loan from B.O.I (Bank of India) as well as other credit facilities. This loan was taken for the purpose of construction of house property. The said property has been let out on rent. The assessee has filed documentary evidences before the lower authorities to prove that the loans were utilised for construction of rented property and the same is allowable u/s. 2(24)(b) - AO has also accepted the fact that the assessee has taken a house building loan from Bank of India for the property located at Thakurpukuar, Kolkata. Though the assessee has paid total interest on borrowed loans including housing loan at Rs. 6,46,390/- the ld. AO allowed only to the extent at Rs. 1,83,680/-. However looking to the fact that the assessee took a housing loan and interest paid thereon is subject to deduction u/s. 2(24)(b) of the Act against rental income. We are of the considered view that the assessee deserves for deduction u/s. 24(b) of the Act of the interest paid on having loan - We accordingly reverse the finding of the ld. CIT(A) and delete the addition of Rs.4,62,710/-. Ground no. 4 raised by the assessee is allowed
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