TaxTMI 
TaxTMI 
TaxTMI 
2021 (9) TMI 895
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....see has raised following grounds of appeals for Assessment Year 2015-16:- 1. For that learned CIT (A) was wrong in not adjudicating ground number 1 before him by holding "I find that the appellant has participated in the assessment proceedings without protest and is raising certain technical issues for academic purposes. As such, in my considered view these matters do not call for any specific adjudication. 2. For that in view of facts and circumstances of the case variations made by Ld. AO, which are beyond scope of limited scrutiny, are void being without jurisdiction. The same may be declared void . 3. For that Ld. CIT(A) was wrong in not considering clear language in S.14A in two phrases namely "total income under this Chapter" an....
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....dence that assesse had in fact paid cash in lieu of cheque received for which assesse confirmed received, acknowledged liability, paid interest from time to time, deducted tax on interest and repayment was also made in due course. 7. For that Ld. CIT (A) was wrong in confirming addition u/s 69C in respect of interest paid by assesse which was duly recorded in books of account of assesse and is a genuine payment of interest on capital borrowed. 8. For that learned CIT (A) was wrong in confirming invocation of S.234A though Return of income was filed timely. 9. For that Ld. CITA (A) was wrong in holding that invocation and levy of interest u/s 234B and 234C are consequential in nature. Furthermore when AO did not make any order to levy ....
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....me of assessee assessed at Rs. 56,91,420/-. 4. Aggrieved, the assessee preferred an appeal before the ld. CIT(A) and partly succeeded. 5. Now, the assessee is in appeal before this Tribunal challenging the additions confirmed by Ld. CIT(A). 6. Ld. Counsel for the assessee submitted that as regards the disallowance made u/s. 14A of the Act, sustained at Rs. 88,558/- by the ld. CIT(A) to the extent of total exempt income earned during the year under consideration, could not submit any other contention to challenge the finding of the ld. CIT(A). As regards the addition made u/s. 68 of the Act of Rs. 4 lakhs, the ld. Counsel for the assessee has submitted that no such amount was received during the year. The alleged sum was received in the p....
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....de u/s. 14A of the Act to the extent of exempt dividend income of Rs. 88,558/- earned during the year. We, thus, find no infirmity in the finding of the ld. CIT(A). Accordingly, ground nos. 3 & 4 of assessee's appeal are dismissed. 10. As regards the addition of Rs. 4 lakhs made u/s. 68 of the Act, we find that the assessee took a loan of Rs. 4 lakhs from M/s. Attitude Merchants Pvt. Ltd in preceding year. A perusal of confirmation of accounts placed at page 33 of the P.B dt. 23-11-20 for the F.Y 2013- 14 relevant to A.Y 2014-15 shows that there was an opening credit balance of Rs. 7 lakhs as on 1-4-2013. The assessee took a loan of Rs. 4 lakhs on 1-1-2014. Interest was paid and TDS was deducted and the closing balance was at Rs. 11,00,000....