2022 (6) TMI 400

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....fficer (ITO), Ward-35(3), Kolkata. 2. The registry has informed that there is a delay of 03 days in filing the present appeal by the revenue. The application for condonation of delay has been filed by the revenue explaining each day of delay. On perusal of the same, we find that the delay was not willful on the part of the revenue. We, therefore, condone the delay and admit the appeal for adjudication. 3. The revenue has raised the following grounds of appeal:- 1. That on the facts and circumstances of the case, the Ld. CIT(A) erred in allowing relief to the assessee by deleting the entire interest expenses on secured loans amounting Rs. 3,55,54,116/-. 2. The appellant craves the leave to make any addition, alteratio....

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....id by the assessee during the FY 2013-14 and was even not paid before the due date of filing of the return of income. Therefore, the same is hit by provisions of section 43B of the Act and the Ld. AO has rightly made the said disallowance. 7. Per contra, the Ld. Counsel for the assessee submitted before us that out of the total bank interest payable at Rs. 3,55,54,116/-, which was not paid by the assessee, only a sum of Rs. 54,07,493/- has been claimed by the assessee in the P & L account and remaining amount of Rs. 3,01,46,623/- has been transferred to preoperative expenses and shown in the asset side of the balance sheet and, therefore, disallowance u/s. 43B of the Act cannot exceed Rs. 54,07,493/-. 8. We have heard the rival conten....