TMI Blog2023 (7) TMI 803X X X X Extracts X X X X X X X X Extracts X X X X ..... xpenditure is highly debatable one only since the same involves crystallization issue in the earlier assessment year; on mercantile basis and in the year of payment is liable to be paid, after crystallization. This is indeed coupled with the various judicial pronouncements i.e., PCIT vs. Adani Enterprises[ 2016 (7) TMI 1250 - GUJARAT HIGH COURT] holding that such a claim is indeed a tax neutra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. Case file perused. 2. The assessee pleads the following substantive grounds in the instant appeal : 1] ORDER IS AGAINST LAW AND FACTS OF THE CASE [A] That the Order of the Learned Commissioner [Appeals] confirming additions made by A.O. in rectification Order U/S 154 is against Law and facts of the case, because DEBATABLE and ARGUABLE Issues are outside the jurisdiction of Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lready admitted as income in the hands of Society, hence there is no Loss of Revenue. [C] The disallowance of Interest of Rs. 2,36,126/- amounts to double taxation once in the hands of Society and again in the hands of appellant which is not permissible under Income-Tax Act. Hence, disallowance confirmed by Commissioner [Appeals] requires to be deleted. 3] INTEREST LEVIED U/S. 234B AMOUN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purpose of disallowing the assessee s alleged prior period interest expenditure. 4.1. We first of all wish to quote hon ble apex court s landmark decision in T.S. Balram vs. Volkart Bros. [1971] 82 ITR 50 (SC) that the purpose of sec. 154 rectification is not to make roving enquiries in the given case but to deal with only apparent mistakes emanating from the records. We keep in mind this settl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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