9911796707
TMI Blog2021 (12) TMI 258X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 18/06/2019 by the ld. Dy. Commissioner of Income Tax, Central Circle-2(3), Mumbai (hereinafter referred to as ld. AO). 2. At the outset, there is a delay of 18 days in filing of appeal by the assessee. The ld. AR placed on record the order of the Hon'ble Supreme Court in Miscellaneous Application No.665 of 2021 in SMW(c) No.3/2020 dated 23/09/2021 wherein the time limit for preferring appeals has been extended till 02/10/2021 in view of Covid-19 Pandemic. Considering the same, the delay in filing of the appeal by the assessee is hereby condoned and appeal admitted for adjudication. 3. The assessee has raised the following grounds:- 1. The learned CIT(A) erred in confirming addition of Rs. 12,74,850/- towards disallowance of intere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the root of the matter and does not require verification of any fresh facts as all the facts relevant for adjudication of the said additional ground are already on record. Hence, we admit the said additional ground and take up the same for adjudication first. 5.1. We find a search and seizure action u/s.132 of the Act was initiated on ABIL group on 21/07/2017. Shri Avinash Bhosale is the promoter and founder of ABIL group. This group is primarily engaged in infrastructure development, real estate development and hospitality industry. The assessee company is also forming part of ABIL group and was also covered in the said search action u/s. 132 of the Act. Accordingly, notice u/s.153A of the Act was served on the assessee. The return of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch assessment for A.Y.2011-12 (being the unabated assessment year). The law is now very well settled that unless there is incriminating material found during the course of search, an unabated assessment shall not be disturbed in the search assessment. Reliance in this regard is placed on the decision of the Hon'ble Jurisdictional High Court in the case of Continental Warehousing Corporation reported in 374 ITR 645 and on the decision of Hon'ble Delhi High Court in the case of Kabul Chawla reported in 234 Taxman 300. In view of the above, we are inclined to allow the additional ground raised by the assessee and direct the ld. AO to delete the disallowance made in respect of interest paid on loan from India Bulls Housing Finance Ltd., Accordi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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