2021 (5) TMI 723

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....his is an appeal filed by the assessee directed against the order of Learned Commissioner of Income Tax (Appeals) - 16, Kolkata [hereinafter the "CIT(A)] passed u/s. 250 of the Income Tax Act, 1961 (the 'Act'), dated 06.02.2020 for the Assessment Year 2014-15 on the following grounds: "i. For that in view of the facts and in the circumstances, the Ld. CIT(A) was unjustified in aff....

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....nts so placed before him in connection with aforesaid loss so claimed by the appellant and in view of the facts and in the circumstances such loss is fully allowable and it may be held accordingly. v. For that in view of the facts and in the circumstances, the Ld. CIT(A) is unjustified in affirming the addition made by AO in addition of Rs. 6,86,705/- being alleged differential amount of ....

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..... 35(1)(ii). This issue covered in favour of the assessee against revenue by the decision of Kolkata Bench of the ITAT in the case of Santosh Suresh Kumar Agarwal ITA No. 1162/Kol/2018 order dated 05.09.2018 wherein the Tribunal followed the decisions of the Coordinate Bench of this Tribunal in the case of Rajda Polymers in ITA No. 333/Kol/2017 order dated 08.11.2017 and the case of DCIT vs. M/s. ....

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..... The Ld. CIT(A) has also not considered the evidences in the record and in one line, rejected the contention of the assessee. This is not in accordance with law. Thus we delete this disallowance. Thus we allow these two grounds of the assessee. 6. Ground No. 5 and 6 are against the addition made on account of deemed interest income. We find that notional income cannot be brought tax under the ....