TaxTMI 
TaxTMI 
2018 (11) TMI 1610
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....riving income under the head's of income from house property, profession, capital gains and other sources. For the assessment year 2009-10, assessee filed the return of income on 26.09.2009 declaring a total income of Rs. 4,76,80,130/-. Assessment was completed under section 143(3) of the Income-tax Act, 1961 ("the Act") by making certain additions including the addition of Rs. 1,39,801/- by disallowing the interest on car loan and Rs. 3,40,944/-by invoking section 14 A of the Act, 1961 read with rule 8D of the income tax rules, 1962 ("the rules"), which are relevant for the purpose of this appeal. 3. In respect of the disallowance of interest on the car loan, the Ld. assessing officer has not disputed that the car was purchased and used ....
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....instead the assessee had chosen to utilize those interested free fund for ungainful purposes. 5. It is pertinent to note that Ld. CIT(A) in his order recorded that the assessee had purchased the car by raising interest-bearing loan of Rs. 15 lakhs; there is no dispute by the Ld. assessing officer that the car was purchased and used for business/profession purpose; and interest attributable to such loan was Rs. 1,39,801/-. There is no denial of the fact that the car was treated as professional asset and depreciation was allowed thereon. There is also no dispute that the car was put for the professional use of the assessee. Only ground for denial of deduction of interest on this loan was that though the assessee had certain interest free fu....
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....tc and Management/ administrative expenses and remit only the net income to the assessee and that dividend income has been directly credited by transfer in the assessees bank account with Citibank as such no expenses were incurred by the assessee during the year under consideration. It was further submitted that a certificate from the portfolio operators, namely, Citibank confirming the fact that no expenses, whatsoever, are involved in the dividends declared/distributed by the respective asset management companies were also submitted before the learned Assessing Officer but the learned Assessing Officer did not advert to this aspect at all. 8. We have gone through the findings of the learned Assessing Officer on this aspect. Learned Asse....