2021 (9) TMI 391

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....read as under : 1. The Ld. Assessing Officer erred in disallowing interest paid on loan taken for Rs. 13,49,531/-. The same interest is actually paid on borrowings against interest income earned by the appellant. 2. The Ld. Assessing Officer erred in disallowing unsecured loan of Rs. 5,00,000/-, loan confirmation and relevant details were submitted during the course of assessment. 3. The brief facts of the case are that the assessee in an individual. She e-filed her e-return of income for AY 2013-14 on 23.07.2013 declaring income at Rs. 33,59,050/-. Case selected for scrutiny through CASS. Notices issued u/s 143(2) and 142(1) of the Act were duly served upon the assessee. On examining the details, the Ld. AO was of the ....

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.....12.2020 from page 12 para 74 containing various documents as well as the decisions relied by him. 6. Per contra Ld. DR vehemently argued supporting the orders of both the lower authorities and opposed the submissions made by the Ld. counsel of the assessee. 7. We have heard the rival submissions perused the material placed on record and carefully gone through documents placed in paper book. The assessee has raised two ground in the appeal filed in Form 36 and thereafter an additional ground has been raised on 15.04.2021. 8. As regards ground No. 1 the assessee has challenged the finding of Ld. CIT(A) confirming the disallowance of interest paid on loan taken at Rs. 13,49,531/-. We observe that this claim has been made under the he....

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....nterest income. There is a positive interest income at the end of the year. Nexus of amount received during the year to the amount advanced to Sneha Medicare Pvt. Ltd. is also appearing from record. We therefore, under the given facts and circumstances of the case and the details filed before us including the ledger account of Sneha Medicare Pvt. Ltd. complete details of unsecured loans taken by the assessee including the details of opening balance, addition, repayment, interest and rate of interest and also the date-wise details of interest received during the year and also considering the fact that no abnormal rate of interest has been paid on the loans taken during the year and thus are inclined to hold that the alleged claim of interest....

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....ins the complete address and PAN No. of the cash creditor. Non-filing of return in a particular year cannot be held to be a sole basis to treat the cash credit as unexplained. All these documents filed by the assessee stand un-rebutted by the Departmental Representative as no contrary material is placed before us. Also no independent inquiry has been conducted by both the lower authorities to controvert the submissions made by the assessee at the time of assessment proceedings and appellate proceedings. We therefore, in the given facts and circumstances of the case and considering the documents filed before us including copy of ledger account, bank statements, confirmation of account, copy of the PAN and Address, are of the considered view ....