2022 (2) TMI 573

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....s appeal by the assessee is arising out of the order of Commissioner of Income Tax (Appeals) in ITA No. 235/2017-18/CIT(A)-15 dated 22.03.2019. The assessment was framed by the Income Tax Officer, Corporate Ward 6(4), Chennai for the assessment year 2015-16 u/s. 143(3) of the Income Tax Act, 1961 (hereinafter the 'Act'), vide order dated 27.12.2017. 2. The only issue in this appeal of ass....

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....e loans were available with the assessee at Rs. 7,59,33,556/-. According to AO, interest bearing funds of Rs. 60,93,264/- were diverted by the assessee for non-business purposes or given as interest free loans to various parties. Therefore, the AO recomputed the allowable interest out of the total interest expenses claimed at Rs. 38,11,423/- and thereby made disallowance of Rs. 14,04,336/-. Aggrie....