TMI Blog2021 (2) TMI 603X X X X Extracts X X X X X X X X Extracts X X X X ..... No.1 stand dismissed. Adding same income twice - interest income - treating business loss as nil (wherein interest income is reflected) and then by considering under the head income from other sources - HELD THAT:- Interest income has been added twice since the interest income was credited to Profit Loss Account while the same has separately been treated as Income from Other Sources. We are of the considered opinion that if interest income is excluded from profit loss account, the business loss would increase further. However, the same would still be not be allowable since the assessee has not substantiated any expenditure. The interest income has rightly been assessed under the head Income from other sources keeping in view the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to condone the delay and proceed for disposal of the appeal on merits. 3. During the course of hearing, Ld. AR, Shri Paresh Shah, withdrew ground no.2 of the appeal whereas ground nos. 5 6 are general in nature. The effective grounds urged before us are ground nos. 1, 3 4 which read as under: - 1. On the facts and in the circumstances of the case and in law the Learned Assessing Officer erred in ignoring material available with him and disallowed expenses ignoring the nature thereof, audit report, books of accounts and submissions filed. 2. Withdrawn 3. On the facts and in the circumstances of the case and in law the Learned Assessing Officer erred in adding same income twice - interest income - first by treating business lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 45.53 Lacs. Accordingly the assessee was directed to furnish requisite details as well as documentary evidences to substantiate the expenditure so claimed in the Profit Loss Account. But despite being provided with several opportunities, the assessee could not file requisite details / documentary evidences. Consequently, the business loss of ₹ 45.53 Lacs as claimed by the assessee was disallowed and the total income was computed at ₹ 5.29 Lacs. 6. Though the assessee preferred further appeal before Ld. CIT(A) but even during appellate proceedings, no specific evidences supported with necessary bills and vouchers could be produced. The Ld. CIT(A) noted that the assessee had claimed expenditure of ₹ 69.95 Lacs wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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