TMI Blog2021 (6) TMI 189X X X X Extracts X X X X X X X X Extracts X X X X ..... pment and Furniture Fixtures) - CIT(A) observed that the assessee derived income from letting out the properties i.e. rental income, which has been shown as income from operations in the P L Account and since the assessee has recognized revenue from operation and the same has been offered to tax, the AO is not justified in making the said disallowance - HELD THAT:- Assets have been leased by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Assessee : Shri Laxminiwas Sharma For the Revenue : Shri Rohit Mujumdar ORDER PER L.P. SAHU, A.M.: This appeal filed by the Revenue is directed against CIT(A) - 4, Hyderabad s order dated 21/05/2019 involving proceedings u/s 143(3) of the Income Tax Act, 1961 ; in short the Act wherein the revenue s grievance is that the CIT(A) erred in deleting the addition made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d debited the interest expenditure against the rental income as there is no relation to the income offered and the expenditure claimed and the assessee has not offered any income from business operations as there were no business transactions during the year. In view of the above observations, the AO disallowed the interest amount of ₹ 2,48,63,202/- by holding that from the extracts of the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee has recognized revenue from operation and the same has been offered to tax, the AO is not justified in making the said disallowance of ₹ 2,48,63,202/- towards interest amount. He, therefore, directed to delete the said disallowance. 4. Aggrieved by the order of CIT(A), the revenue is in appeal before the ITAT. 5. Considered the rival submissions and perused the material on record ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the facts of the case of the assessee, directed the AO to delete the disallowance of ₹ 2,48,63,202/- made towards interest paid. We do not find any reason to interfere with the order of the CIT(A) and upholding the same, we dismiss the ground raised by the revenue on this count. 6. In the result, appeal of the revenue is dismissed. Pronounced in the open court on 9th April, 2021. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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