TaxTMI 
TaxTMI 
2019 (1) TMI 31
X X X X Extracts X X X X
X X X X Extracts X X X X
.... has erred on facts and in law in holding the order passed by AO as erroneous and prejudicial to the interest of revenue only on account of audit objection raised by the audit party ignoring that AO has not accepted the audit objection. 3. The ld. PCIT has erred on facts and in law in holding that order passed by AO u/s 143(3) dt. 29.03.2016 allowing the claim of interest payment against the interest receipt is without making proper enquiry or verification ignoring that the AO has examined the claim of interest payment and allowed the same after making complete enquiry/verification. 4. The assessee craves to amend, alter and modify any of the grounds of appeal. 5. Necessary cost be allowed to the assessee. 2. T....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 15% The Madhur Glass & Chem. Ind (Assessee is partner) 1,08,44,376 65,78,805 1,74,23,181 35,94,808 12% Vijay Agarwal - 9,00,000 9,00,000 1,500 15% BOB Delhi 486 BOB HC 12,361 HDFC Bank 944 IT Refund 12,610 Total 5,97,21,545 (-)1,47,98,039 4,49,23,506 75,40,217 Interest Paid Name of person from whom money borrowed Opening balance as on 01.04.2013 Amount borrowed/repaid during the year (+ -) Balance Interest paid for the year Rate of inter....
X X X X Extracts X X X X
X X X X Extracts X X X X
....arties have advanced identical arguments as raised in the case of Shri Naresh Agarwal. 4. Having considered the rival submissions as well as the relevant material on record, at the outset, we note that identical issues have been considered by us in the case of Shri Naresh Agarwal vs. Pr. CIT (supra) in para 4 vide even date order as under :- "4. We have considered the rival submissions as well as the relevant material on record. The original assessment under section 143(3) was passed by the AO on 10th February, 2016 as under :- " Assessment Order The assessee has filed his return of income on 30.07.2013 declaring total income of Rs. 12,05,000/-. The return was processed u/s 143(1) of Income Tax Act, 1961 on 10.....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ions of loans taken by the assessee as well as given by the assessee. The ld. Pr. CIT has given the details at pages 4 & 5 of the impugned order as under :- Interest Received (All amounts in Rupees) Name of person to whom money lent Opening balance as on 01.04.2012 Amount lent/ repaid during the year (+ -) Balance Interest received for the year Rate of inter est Nangalwal Impex Pvt. Ltd. (Assessee is a director) 1,04,89,313 (-) 80,33,000 24,56,313 2,78,164 15% Golden Vegpro Ltd. 21,86,007 1,33,721 23,19,728 3,43,222 15% Zibra Builders Pvt. Ltd. (Assessee is a director) 1,93,06,838 24,00,000 2,7,06,838 37,24,864 18% Ajanta Plastic Industries (Partner's....
X X X X Extracts X X X X
X X X X Extracts X X X X
....l 6,50,000 (-) 1,50,000 5,00,000 76,438 15% Vishal Agencies (Partner' OD) 1,07,02,272 - 1,07,02,272 19,26,409 18% LIC Loan 1,15,000 - 1,15,000 10,350 9% LIC Loan 3,22,000 - HDFC Loan 2,03,95,832 (-) 11,96,891 1,91,98,941 22,28,677 12.75% Total : 3,72,63,104 (-) 16,46,891 3,56,16,213 52,32,874 As it is evident from the above details that there are various transactions of loans given by the assessee as well as capital introduced in the old partnership firms by using the borrowed funds from various parties as well as from the partnership firm. Thus the assessee has borrowed the fund from ....