2016 (8) TMI 1435

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..... of discussion in the lower orders about market rate of interest. Nor any exercise in this direction seems to have been carried out. As in CIT vs. Sarjan Realities Ltd [ 2014 (8) TMI 206 - GUJARAT HIGH COURT] holds that the impugned disallowance cannot be invoked solely because an assessee has made interest payments at different rates to various parties. We repeat that there is no other materia .....

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..... 143(3) of the Income Tax Act, 1961; in short the Act . 2. Facts of the case are in a narrow compass. The assessee-an individual trades in precious metal gold, jewellary etc. He filed return on 27-09-2008 declaring total income of ₹ 1,50,21,552/- along with agricultural income of ₹ 1,88,424/-. The Assessing Officer took up scrutiny. He noticed the assessee to have debited int .....

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..... case of above three payees. There is not even iota of discussion in the lower orders about market rate of interest. Nor any exercise in this direction seems to have been carried out. Hon ble jurisdictional high court in (2014) 50 taxamann.com 52 (Guj) CIT vs. Sarjan Realities Ltd holds that the impugned disallowance cannot be invoked solely because an assessee has made interest payments at differ .....

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