TMI Blog2019 (1) TMI 94X X X X Extracts X X X X X X X X Extracts X X X X ..... find that assessee own capital is ₹ 31.17 lacs therefore, loan of ₹ 2.03 lacs can be safely concluded to be coming out of interest free funds available with the assessee. Therefore, direct the Assessing Officer to delete the disallowance of ₹ 44,45346/- the ground is allowed. While making ad-hoc disallowance the AO has not pointed out any specific defect in any bills/ vouchers submitted by the assessee. In my considered opinion without pointing out any defect in the books of account, the Assessing Officer cannot make ad-hoc disallowance accordingly direct the Assessing Officer to delete the addition of ₹ 349600/- and ₹ 30827/- this ground is also allowed. - decided in favour of assessee. - ITA No.1271/DEL/2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce in supplier. The Assessing Officer was of the firm belief that proportionate interest should be disallowed out of the interest expenses claimed by the assessee accordingly the Assessing Officer computed the allowable expenses as under :- S. No. Description Amount 1 Interest expenses on unsecured loans @13% 11,78,934 A 2 Total advances given (interest free) 34,34,127 B 3 Interest income to be earned (B@13%) 4,46,436 C 4 Allowable inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... capital is ₹ 31.17 lacs therefore, loan of ₹ 2.03 lacs can be safely concluded to be coming out of interest free funds available with the assessee. I, therefore, direct the Assessing Officer to delete the disallowance of ₹ 44,45346/- the ground is allowed. 9. While making ad-hoc disallowance the Assessing Officer has not pointed out any specific defect in any bills/ vouchers submitted by the assessee. In my considered opinion without pointing out any defect in the books of account, the Assessing Officer cannot make ad-hoc disallowance accordingly I direct the Assessing Officer to delete the addition of ₹ 349600/- and ₹ 30827/- this ground is also allowed. 10. In the result, the appeal is filed by the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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