2022 (12) TMI 745

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....f Rs. 2,91,00,849/- (Rs. 3,26,72,155/-) minus Rs. 35,71,306/-) income of the assessee under section 68 r.w.s 115BBE of the Income Tax Act, 1961. 2. Whether the Ld. CIT(A) has erred in deleting the addition made by the Assessing Officer on account of interest claimed under section 24 of the Income Tax Act, in house property is disallowed, which is unexplained expenditure of Rs. 35,71,306/- u/s 69C of the Income Tax Act, 1961. 3. That on the facts and in the circumstances of the case, Ld. CIT(A) has erred in allowing assessee's appeal based on additional evidences by ignoring the facts that assessee was given ample opportunities to furnish requisite details/ documents but same were not produced during the assessment proceedi....

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.... of the Act. 5. Assessee agitated the matter before the CIT(A) and once again submitted the balance sheet and income tax details of Dayal Trust and pointed out that the balance sheet of Dayal Trust show that its beneficiaries has capital of Rs. 13.25 crores as on 31.03.2016 and in addition the Trust has total income of Rs.87.99 lacs out of which Rs.78.75 lacs was distributed amongst beneficiaries, the trust had exempt income of Rs.187527/- and accordingly declared income of Rs.7,36,041/-. 5. The assessee further submitted that confirmation statement containing the details of loan payments related to buildercheque numbers, dates, loan amount rate, bank details and amount of interest charged by trust since inception of loan upto 31.03.2....

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.... 2. It is noticed from the copies of ITR -V and computation for the Assessment Year 2016-17 that the interest income received from the assessee is reflected and formed the part of income of Dayal Trust. The total income of the trust is allocated amongst beneficiaries and taxed in their respective hands and taxes are paid as applicable. 3. The additional evidences also contain copies of Assessment Orders of Dayal Trust for three Assessment Years i.e. A.Y. 2013-14, 2014-15 and 2015-16. In the Assessment Order for assessment completed u/s 143(3} of the Income Tax Act, for the A.Y. 2013-14 and 2014-15, the A.O. has bifurcated the total income as A) interest upto 12% per annum (i.e. as per the market rate) allocated and taxable in t....