2023 (1) TMI 481

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....ose of the same by this common order. 3. For the sake of convenience and clarity, the facts relevant to the appeal of the assessee in ITA No.506/PUN/2019 for the assessment year 2013-14 are stated herein. ITA No.506/PUN/2019, A.Y. 2013-14 : 4. Briefly, the facts of the case that the appellant is a company incorporated under the provisions of the Companies Act, 1956. It is engaged in the business of dealing in flats construction etc. The Return of Income for the assessment year 2013-14 was filed on 25.09.2013 declaring loss of Rs.3,10,66,368/-. Against the said return of income, the assessment was completed by the Dy. Commissioner of Income Tax, Cricle-1, Jalgaon ('the Assessing Officer') vide order dated 21.03.2016 passed u/s 143(3) of t....

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....ed the action of the Assessing Officer. 6. Being aggrieved, the appellant is in appeal before us in the present appeal. 7. When the appeal was called on, none appeared on behalf of the appellant-assessee despite due service of notice of hearing. 8. On the other hand, ld. Sr. DR submits that the interest liability cannot be allowed as deduction, as the assessee had failed to comply with the provisions of tax deduction at source placing reliance on the decision of the Hon'ble Supreme Court in the case of Palam Gas Service (supra). 9. We heard the ld. Sr. DR and perused the material on record. The issue in the present appeal relates to the allowability of interest expenditure neither accounted in the books of account nor paid during the pr....