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2019 (1) TMI 1656

..... the assessee has claimed interest of ₹ 20,38,472/- and the Assessee has further given interest free loan to his daughter Ms. Mehak Gandhi to the tune of ₹ 1,57,26,728 meaning thereby that assessee has claimed interest expenses of borrowed capitals and by giving interest free advances to his daughter. This not for business purposes. Assessee has claimed before the revenue authorities by not filing any documentary evidence, therefore, fully agree with the reasons mentioned by the revenue authorities especially the Ld. First Appellate Authority for confirming the addition of ₹ 20,38,472/- on account of interest on loan of ₹ 1,11,73,554/-. Hence, no interference is called for in the well reasoned order of the Ld. CIT(A) .....

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..... the assessee on account of payment of ₹ 5,91,175/- regarding credit card payment which is highly arbitrary and unjust. It is prayed that the addition be deleted. 2. The aforesaid appeal was earlier fixed for hearing on 01.08.2019 by sending the notice through RPAD and in response to the same, none appeared on behalf of the assessee nor filed any application for adjournment. Therefore, the Bench adjourn the case for 06.11.2019 by directing the Registry to issue notice by RPAD for hearing on 06.11.2019. On 06.11.2019 when the matter came up for hearing, again none appeared on behalf of the Assessee nor filed any application for adjournment. Hence, I am of the view that no useful purpose would be served to issue notice again and again to .....

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..... same, assessee filed a letter dated 14.12.2019 and filed its reply which the AO has reproduced in the assessment order. 3.1 According to the assessment order, assessee has accepted his mistake and agreed for addition of ₹ 8,80,406/-. Accordingly, an addition of ₹ 8,80,406/- was made in the hands of the assessee and AO also initiated the penalty proceedings u/s. 271(1)© of the Act. 3.2 As regards the ICICI Bank Credit Card, assessee submitted his letter dated 10.8.2015 and stated that assessee had been using ICICI bank credit card which was being shown in his balance sheet but from this year the assessee has shown this in his capital account and has credited ₹ 4,10,447/- in his capital account. The AO was of the view t .....

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..... AO found that the assessee has shown addition of fixed assets in the form of computer amounting to ₹ 2,95,680/- and assessee has produced some bills which the AO has reproduced in the assessment order. After perusing the said bills, the AO was of the view that assessee has furnished two bogus bills amounting to ₹ 76,000/- and ₹ 73,680/- pertaining to Kuldeep Computers and SL Computers and printers and these two computers bills dated 1.6.2015 and 15.7.2015 does not pertain to the year under consideration. Assessee has claimed depreciation of ₹ 89,808/- on the same @60%. So, the expenses of ₹ 1,49,680/- as well as depreciation of ₹ 89,808/- on these two computers was disallowed and an amount of ₹ 2,3 .....

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..... lly the Ld. First Appellate Authority for confirming the addition of ₹ 20,38,472/- on account of interest on loan of ₹ 1,11,73,554/-. Hence, no interference is called for in the well reasoned order of the Ld. CIT(A) on the issue in dispute, therefore, I uphold the finding of the Ld. CIT(A) on the issue in dispute and reject the ground raised by the assessee. 4.1 As regards addition of ₹ 5,90,175/- on account of credit card payment is concerned, after going through the orders passed by the revenue authorities and after hearing the Ld. DR, I am of the view that expenses on ICICI Credit Card and the credit facility from Phoenix ARC Pvt. Ltd. was transferred by the assessee to his capital account. Since the assessee has himsel .....

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