2021 (9) TMI 954

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..... K. Billaiya , Accountant Member This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals] - 9, New Delhi dated 22.12.2017 pertaining to Assessment Year 2014-15. 2. The grievances of the assessee read as under: "1. That the Ld. CIT(A)-9, New Delhi and the Ld. Assessing Officer, Circle 27(1), New Delhi have wrongly interpreted the provisi....

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....the Act which finding of CIT(A)-9 is against the facts of the case." 3. Briefly stated, the facts of the case are that during the course of scrutiny assessment proceedings, the Assessing Officer noticed that the assessee has earned interest income of Rs. 4,35,992/- from ERA Landmark India Ltd. The Assessing Officer found that the assessee has set off the same with interest expense of Rs. 5,65,7....

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....ount of Rs. 12,36,243/- and also earned income thereon. It can thus be stated that the interest been paid to like bank is for the purpose of availing the discounted scheme and earning interest which has been declared in the return. If the assessee had adopted this financial pattern he would have lose the opportunity to avail the discount, earned interest without impacting his other revenu....

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....of the Assessing Officer to decide afresh. 7. It is the say of the ld. counsel for the assessee that pursuant to the directions of the Tribunal, the Assessing Officer framed assessment order and has accepted the contention of the assessee and allowed the interest expenditure to be set off against the interest income. 8. The ld. DR fair conceded to this acceptance by the Assessing Officer. ....