TMI Blog2019 (1) TMI 527X X X X Extracts X X X X X X X X Extracts X X X X ..... expenses of ₹ 90,389/- was to be allowed - Held that:- As examined the contention of the assessee claiming that her own capital as on 31-03-2010 was to the amount of ₹ 22870663/- and investment in the fixed assets and shares and LIC were to the amount of ₹ 3,95,54,837/-. As demonstrated that 58% of the investment was made from her own fund and remaining 42% investment was made from the borrowed funds. As contended that 42% of the interest expenses out of the total interest expenses of ₹ 11,06,847/- can be disallowed. It is noticed that the above facts was not disproved at the time of the appellate proceedings by the CIT(A), therefore, we find merit in the contention of the assessee and restrict the disallowance of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing officer noticed that assessee has sold two plots of land by two separate deeds dated 21st July, 2009 for ₹ 70,0000. In addition to stamp duty of ₹ 33,000/- for each of the plot the assessee has also paid additional stamp duties of ₹ 13995/- for each plot on 20th July, 2009. Therefore, the assessing officer has applied the provision of section 50C of the act and computed the sale considerations according to the additional stamp duty paid by the assessee. Accordingly, an amount of ₹ 5,71,200/- was added to the total income of the assessee. During the course appellate proceedings before ld. CIT(A) the ground of appeal was rejected on the reason that during the course of appellate proceedings, the assessee has n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C of the act on the additional stamp duty of ₹ 13,995/- paid for two plots by the assessee on 20/07/2009. During the course of appellate proceedings, the ld. counsel could not controvert the impugned addition with any relevant material therefore this ground of appeal of the assesse is dismissed. 6.1 Regarding second issue of the disallowance of ₹ 4,97,684/- out of interest expenditure the assessing officer observed that assessee has shown investment in agricultural land and investment in shares of ₹ 3,77,01,445/- and stated that against interest income of ₹ 5,88,073/- expenses of ₹ 90,389/- was to be allowed. In this connection, we have examined the contention of the assessee claiming that her own capital as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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