2021 (3) TMI 1354

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....-<br>Income Tax<br>SHRI SANJAY GARG, JUDICIAL MEMBER AND Ms. ANNAPURNA GUPTA, ACCOUNTANT MEMBER Hearing through video Conferencing Assessee by : Shri S.K. Mukhi, Advocate Revenue by : Smt. Shweta Yadav, ACIT ORDER Per Sanjay Garg, Judicial Member: The present appeals have been preferred by different but related assessees against the orders dated 19.09.2019 of the Commissioner of Income T....

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....red loans taken by him from different parties. In addition, the assessee has also paid interest for Rs. 13,40,951/- on loan against property from Axis Bank Ltd. Thus, total interest paid by the assessee &nbsp;during the F.Y. 2015-16was Rs. 47,93,935/- (Rs. 34,52,984/- plus Rs. 13,40,951/-). However, the Ld. AO made complete disallowance of the interest paid of Rs. 47,93,935/- which was claimed by ....

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....he assessee has been continued since many years. The lower authorities, accepting the said activity of the assessee have never made any addition on this issue in the earlier assessment years as well as in the subsequent year except the assessment year under consideration. The Ld. Counsel has further submitted that though, some part of the loans amounting to Rs. 13,40,951/- was taken from Bank agai....

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....of the Department that the interest bearing funds have been used by the assessee for some other purposes. 5. The Ld. D/R has relied upon the findings of the lower authorities. 6. We have considered the rival contents. The assessee has demonstrated from the record that the activity of the assessee of taking interest bearing loan and making advances to other parties is continued for the last so ma....