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2019 (8) TMI 1646

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.... by the assessee during the previous year under consideration and hence should be disallowed under clause (e) of section 43B read with Explanation 3D. Moreover, the assessee did not file any certificate for payment of the interest before the due date of filing of the return for the assessment year under consideration." 2. None appeared on behalf of the assessee. 3. Considering the facts of the case, we decided to dispose of the appeal by considering the submissions of the learned DR and the orders of the authorities below 4. The learned DR in his submissions relied on the order of the Assessing Officer. 5. We observe that the Assessing Officer has disallowed the interest of Rs. 6,84,860 claimed by the assessee on the ground that the sai....

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....deposits subsequent to the charge of interest by the bank are considered as payment towards interest debited by the Bank in the said account. Hence, the observation of the Ld. A. O. that interest has been debited in the account but not actually paid is not maintainable. 5. The balance in the account as on 31.03.2004 for Rs. 89,91,664.53 was well within the sanction limit of Rs. 90 Lakhs. In case OD limit of Rs. 90 Lakhs is considered to be a separate loan account, there was a credit balance of Rs. 8,335/47 in the account with Syndicate Bank. We give herein below the details of credit in the said account after the debit entry relating to interest disallowed in the assessment. Date Debit Date Credit 30.05.2003 55,478.00 02.06.2003 4....