2013 (5) TMI 50

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.... order dated 20.01.2012 passed by the Income Tax Appellate Tribunal, New Delhi in ITA 3247/Del/2010 in respect of the assessment year 2007-08. By virtue of our order dated 02.01.2013, we had directed issuance of notice limited to the question of disallowance of interest under Section 40A(2) of the Income Tax Act (hereinafter referred to as ''the said Act''. We have heard the learned counsel for t....

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....tives of the assessee, was excessive and, therefore, the Assessing Officer was well within his rights to have added the amount of Rs. 18,57,189/- by way of the difference in excess of the rate of interest of 12%. On the other hand, the learned counsel for the respondent /assessee contended that these loans, which had been taken by the assessee from the relatives, were unsecured loans. He submitte....

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..... R. N. Goel: 2008 (X) AD (Del) 545;. Reliance had been placed in that decision on an earlier Supreme Court decision in the case of Upper India Publishing House (P) Limited v. CIT: 117 ITR 569 (SC). In Upper India Publishing House (P) Limited (supra), the Supreme Court observed that the question whether a particular expenditure or loan was excessive and unreasonable, was essentially a question of ....