2023 (1) TMI 70

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.... For the Appellant : Mr. Puneet Rai, Sr. Standing Counsel for Revenue with Ms. Adeeba Mujahid, Jr. Standing Counsel. For the Respondent : Mr. Salil Kapoor, Mr. Sumit Lalchandani & Ms. Ananya Kapoor, Advocates. JUDGMENT MANMOHAN, J (Oral): 1. Present income tax appeal has been filed challenging the order dated 19th February, 2021, passed by the Income Tax Appellate Tribunal ('ITAT') i....

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....ssessing Officer ('AO') to examine the claim. 4. A perusal of the paper book reveals that the AO rejected the assessee company's computation on the ground that the "assessee company had raised substantial amount of loans for investment in new ventures on which substantial amount of interest was paid". However, the Appellate Authorities below held that the investments were made out of assessee's....

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....ed fund, it is the assessee who has such right of appropriation and also the right to assert from what part of the fund a particular investment is made and it may not be permissible for the Revenue to make an estimation of a proportionate figure..." 6. Further, the Commissioner of Income Tax (Appeals) ['CIT(A)'] deleted the additions under Section 32 based on documents which were duly submitted....