2019 (12) TMI 516

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....his appeal by the assessee is directed against the order dated 30-08-2018 of ld. CIT(A)-1, Jaipur for the Assessment Year 2012-13 wherein the assessee has raised following grounds of appeal. ''Under the facts and circumstances of the case, the ld. CIT(A) has legally and factually erred in confirming addition of Rs. 5,04,843/-, kindly delete the same.'' 2.1 Brief facts of the case are t....

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.... considering the remand report confirmed the disallowance made by the AO. 2.3 Before the Tribunal, the ld.AR of the assessee contended that in the original confirmation filed before the AO the interest amount charged from each party was not specified and the assessee was not maintaining the books of account. However, before the ld. CIT(A) assessee filed the fresh confirmation letters from the b....

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....ure to the extent of interest expenditure. He has referred to the assessment order for the Assessment Year 2013-14 passed u/s 143(3) as well as order of the ld. CIT(A) and submitted that interest expenditure to the interest income was allowed by the AO. The ld. CIT(A) has confirmed the order of the AO. The assessee challenged the part disallowance of interest. 2.4 On the other hand, the ld. DR ....

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....e Assessment Year 2013-14 and the AO had allowed the claim of interest expenditure to the extent of interest income received from various parties. Thus it appears that interest received by the assessee against these parties for the Assessment Year 2013-14 was accepted by the AO and corresponding interest was also allowed by the AO for which relevant portion of the assessment order at page 2 is rep....