2019 (2) TMI 1804

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....the Respondent : Shri O.P. Sharma, CIT/ D.R. ORDER PER MAHAVIR PRASAD, JUDICIAL MEMBER 1. These two appeals have been filed by the Assessee against the order of ld. Pr. CIT u/s. 263. The assessee has taken following grounds of appeal: 1- The Ld. Pr. CIT (Central), Surat has erred in law and in facts in holding that the assessment order passed by the Ld. A.O. u/s. 153A r.w.s. 143(....

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....ion to the claim of expenses directed to be re-verified, no incriminating material or document is found and as such, such verification being beyond the scope of impugned assessment, the assessment order cannot be said to be erroneous and consequently, no prejudice can be said to have been caused. 3. The Ld. Pr. CIT (Central), Surat has further erred in law and in facts in directing the co....

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....enditure has not been utilized wholly and exclusively for the purpose of earning interest income. On perusal of his reply dated 23.12.2015 .submitted on 29.12.2015 during course of assessment proceedings, it is noticed that the assessee has ... submitted the ledgers of interest received and interest payment, but not furnished the proof establishing the nexus between source of funds and its utiliza....

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....Officer. 5. In this case, assessee has shown has to have received Rs. 42,11,011/- as interest income in the year under consideration, and has also claimed interest expenditure of Rs. 57,37,042/- resulting into declaration of loss of Rs. 15,26,031/- under the head "Income from Other Sources". 6. We can see in this case, during search no incriminating material was found and ld. A.O. made adequ....