9911796707
TMI Blog2013 (8) TMI 998X X X X Extracts X X X X X X X X Extracts X X X X ..... or DR, is in support to the assessment order by contending that there was a difference in gold stock during survey and the assessee duly admitted the same. It was contended that the assessee accepted the undisclosed income to the tune of Rs. 20 lacs on account of shortage of gold ornaments and excess of stock of silver. On the other hand, the learned counsel for the assessee, defended the impugned order. 2.1 We have considered the rival submissions and perused the material available on record. The facts, in brief, are that a survey u/s 133A of the Act was carried out at the business premises of the assessee. As per the Revenue, an amount of Rs. 20 lacs was accepted as undisclosed income by the assessee on account of shortage of gold orname ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome of the assessee. There is further uncontroverted finding that correct difference of income has been offered by the assessee in its profit and loss account. In view of these facts, we find no infirmity in the conclusion drawn in the impugned order. It is affirmed. 3. The next ground pertains to deleting the disallowance of Rs. 2,74,779/- made on account of interest expenses. The learned Senior DR defended the assessment order whereas the learned counsel for the assessee supported the impugned order. 3.1 We have considered the rival submissions and perused the material available on record. We find that the assessee made payment of interest to the tune of Rs. 10,99,117/-. The observation of the Assessing Officer is that such payment wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de in the assessment order, conclusion drawn in the impugned order and the assertion made by the learned respective counsel along with the facts available on record are kept in juxtaposition and analysed, we find that there is uncontroverted finding in the impugned order that the same rate of interest was paid by the assessee in last year and no such disallowance was made. Even otherwise, unless and until corroborative material is brought on record, it is not expected from the Assessing Officer to conclude that the interest rate of 15% was too high. At the same time, the interest rate on secured loan from banks cannot be compared with interest rate on unsecured loan. The businessman knows his interest best. The Assessing Officer is not expe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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