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TMI Blog2023 (3) TMI 196X X X X Extracts X X X X X X X X Extracts X X X X ..... avit that due to the fact that order passed by the Ld. CIT(A) has been misplaced by the staff and in the absence of concerned accountant the appeal could not be filed within limitation. 2. We are of the considered view that when the reason brought on record by the assessee is duly supported with affidavit filed by the director of the company, we find it sufficient cause to condone the delay in view of the decision rendered by the Honorable Supreme Court in case of Land Acquisition Collector vs. MST Katiji & Others 167 ITR 471 (SC) wherein the Hon'ble Supreme Court has held that "it is on contention of delay that when substantial justice and technical considerations are pitted against each other, the case of substantial justice deserves to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business income. It is submitted that such treatment of considering business income as Income from House Property by the learned assessing officer is unjustifiable therefore it is requested from your honour to give necessary direction in this regard. 3. Your appellant craves to add, alter, or amend any of the grounds of appeal on or before the date of hearing of appeal." 4. Briefly stated facts necessary for consideration and adjudication of the issues at hand are : the assessee is into the business of trading in grey material, construction activity and also earned a rental income from business centre. On the basis of information received from Maharashtra Sales Tax Department survey action under section 133 of the Income Tax Act, 1961 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 30 days has already elapsed from the issuance of notice the assessee is presumed to have been served but failed to put in appearance. It appears that the assessee is not interested in prosecuting the present appeal. So the Bench has decided to dispose of this appeal on the basis of material available on record with the assistance of the Ld. D.R. for the revenue. 7. We have heard the Ld. D.R. for the Revenue, perused the orders passed by the Ld. Lower Revenue Authorities and documents available on record in the light of the facts and circumstances of the case and case law relied upon. 8. The assessee by filing present appeal raised two grounds before the Tribunal: 1. Challenging the order of Ld. CIT(A) confirming the assessment order i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ale proceeds, etc, do not have any different colour. Whatever are the receipts in the business, that have the colour of business receipts and have no separate identification. Sources have no concern whatsoever. The only thing sufficient to disallow the interest paid on the borrowing to the extent the amount is lent to sister concern without carrying any interest for non business purpose would be that the assessee has some loans or other interest bearing debts to he repaid. In case the assessee had some surplus amount which, according to it, could not be repaid prematurely to any financial institution, still the same is either required to be circulated and utilized for the purpose of business or to be invested in a manner in which it generat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct nexus of interesting bearing funds to advances given. Therefore looking into the facts of the case and relying on the decision in the case of Abhishek Industries (Supra) the addition is confirmed. The ground No.1 is dismissed. 5. As regards ground No. 2, I have considered the submissions made. As clear from the assessment order, the same income has been assessed as "House Property Income in earlier years in which the facts were identical. The appellant has not referred to any adverse decision against the findings of the AO in earlier year. The appellant has submitted that it is managing the business centre and has given amenities to the parties like provision for security, electricity, water provisions etc. It is therefore submitted t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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