2022 (9) TMI 73

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....B. Ramakrishnan , FCA Respondent by : Shri AR V Sreenivasan , Addl. CIT ORDER PER V. DURGA RAO , JUDICIAL MEMBER :  This appeal filed by the assessee is directed against the order of the ld. Commissioner of Income Tax (Appeals) 1, Chennai, dated 14.02.2020 relevant to the assessment year 2014-15 challenging confirmation of disallowance of interest expenses of Rs..59,49,330/-. 2....

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....income from house property. A detailed analysis of the documents produced has revealed that M/s. Maurya Hotels (Madras) Private Limited is the borrower, M/s. Sundaram Home Finance Ltd. is the lender and the assessee M/s. Capricorn Holding Pvt. Ltd is confirming party. The Assessing Officer has observed that the amount has been borrowed by M/s. Maurya Hotels (Madras) Private Limited and the interes....

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....also filed the necessary certificate as required under section 24, 3rd proviso stating that the amount was borrowed for the purpose of construction of building belong to the assessee. By filing Memorandum of additional grounds of appeal, the assessee has claimed that a. The lower authorities, ought to considered the interest paid towards the amounts borrowed, construction of the building ....

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....ed by M/s. Maurya Hotels (Madras) Pvt. Ltd. and the interest expenditure has to be met by that entity and the assessee company cannot claim any interest expenditure. By referring to the paper book page 35, the ld. Counsel has submitted that M/s. Maurya Hotels (Madras) Pvt. Ltd. has confirmed the receipt of the interest on loan as on 31.03.2014. It was further submission that M/s. Maurya Hotels (Ma....