2019 (5) TMI 1446

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.... Radhey Shyam, CIT, ld.DR ORDER PER DR. ARJUN LAL SAINI, AM: The captioned appeal filed by the Assessee, pertaining to assessment year 2013-14, is directed against the order passed by the Commissioner of Incometax (Appeals)-3, Kolkata in Appeal No. 11405/CIT(A)-3,Kol/Ward-8(3)/16-17 ,dated 28-06-2018, which in turn arises out of an order passed by the Assessing Officer u/s. 143(3) of the ....

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....ised by the assessee relates to disallowance made by the AO u/s. 14A/r.w.rule 8D of the I.T Rules, 1962. 4. After giving our thoughtful consideration to the submission of the parties and perusing the judicial decisions relied upon by the Ld. Counsel, we find that the issue involved in the present ground is no longer res integra. We note that as far as disallowance of interest expenses under ....

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.... assessee`s own funds and reserves and if the AO finds that the interest free funds were sufficient to meet the investments, no disallowance would be made under Rule 8D(2) (ii) of The Rules. As far as Rule 8D(2)(iii) of the Rules is concerned, it has been held by the Coordinate Bench of ITAT Kolkata in the case of DCIT vs REI Agro Ltd. in ITA No.1811/Kol/2012 dated 14.05.2013 that it is only th....

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....assessee as well as ld.DR for the Revenue both have agreed that the assessee has not submitted sufficient and required documents and evidences, before the AO, to prove the identity, genuineness and creditworthiness of the creditors. Therefore, the AO disallowed the interest paid to loan creditors and amount received from loan creditors u/s. 68 of the Act. The ld. Counsel submitted before us tha....