TMI Blog2021 (10) TMI 275X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessment year in consideration and to pass orders in accordance with law upon granting an opportunity of being heard to the assessee and upon taking into consideration the evidence which the assessee may rely upon at the time hearing of the matter. This ground of appeal is, thus, allowed for statistical purpose. Disallowance of interest expense - assessee has not produced the balance sheet or the statement of accounts or evidence with regard to the activities carried out by him, the interest charged on loan given by the assessee, purpose of loan taken, business activities carried out - HELD THAT:- As case of the assessee is this that the assessee paid interest on borrowed amount and earned interest on the loan given but only t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filing an affidavit affirmed on 30.06.2021 which was brought to our notice by the Ld. AR. The reason thereof seems to be genuine and hence the delay is condoned. Ground No. 1:- 3. The Ld. AO treated the opening balance for the A.Y. 2012-13 of ₹ 16,00,952/- as unexplained and added the same to the total income of the assessee which was, in turn, confirmed by the Ld. CIT(A). Hence, the instant appeal before us. 4. The assessee is a salaried person and also having income from other sources mainly interest income. It is also the case of the assessee that it does not maintain the balance sheet or Profit and Loss Account but the cash statement has been placed on record before us. At the time of hearing of the instant appeal th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purpose. Ground No. 2:- 6. It relates to disallowance of interest expense amounting to ₹ 24,75,921/-. 7. The fact relating to the issue is this that the Ld. AO disallowed interest expenditure paid to one Shiv Corporation to the tune of ₹ 16,21,114/- and ₹ 8,54,807/- paid to one Laxmi Corporation. The assessee has not produced the balance sheet or the statement of accounts or evidence with regard to the activities carried out by him, the interest charged on loan given by the assessee, purpose of loan taken, business activities carried out. In the absence of such details in support to interest payment to these entities the interest payment shown to the tune of ₹ 24,75,921/- was disallowed and added to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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