2019 (1) TMI 94

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....ORDER PER N. K. BILLAIYA, AM: This appeal by the assessee is preferred against the order of the CIT(A), Ghaziabad dated 03.11.2017 pertaining to A. Y. 2014-15. 2. The substantive grievance of the assessee read :- 1. Because, the learned Commissioner of Income Tax (Appeals) erred in sustaining the disallowance of interest of Rs. 4,46,346/- against the facts on the record in as muc....

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....ssessing Officer further found that sum of Rs. 32.30 lacs was shown as advance in supplier. The Assessing Officer was of the firm belief that proportionate interest should be disallowed out of the interest expenses claimed by the assessee accordingly the Assessing Officer computed the allowable expenses as under :- S. No. Description Amount   1 Interest expenses on unsecured....

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....that the loan of Rs. 2,03,173/- has given out of interest free funds available with the assessee, therefore, no disallowance is called for. 7. The counsel further stated that ad-hoc disallowance is unwarranted as the expenses are fully supported by bills and vouchers. Per contra the DR strongly supported the findings of the Assessing Officer. 8. I have carefully considered the orders of the ....