2019 (5) TMI 1966

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.... PRADIP KUMAR KEDIA - AM : The captioned appeals have been filed at the instance of the Assessee against the separate orders of the Commissioner of Income Tax(Appeals)-1, Rajkot [CIT(A) in short] dated 01/02/2018 in the matter of assessment order under s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") dated 11/01/2016 relevant to Assessment Year (AY) 2013-14. 2. First, ....

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....evenue, we find that the Assessing Officer has disallowed interest expenditure of Rs.77,907/- in aggregate paid on loans received from relatives. It is found that the assessee has taken loan from the relatives @15%, whereas similar money has been simultaneously stood invested by way of loans and advances on which interest @ 12% p.a. has been charged. We notice from the concurrent orders of the Ass....

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....gainst the order of Ld.Addl.CIT, Range-1(1) & 1(2), Rajkot in imposing penalty u/s.271D of the Act for contravention of provisions of section 269SS of the Act, in the matter of accepting unsecured deposit Rs.50000 in cash from, Smt.Komal N. Sahu, Wife of the Appellant. 6. With the assistance of Ld.AR for the assessee and Ld.DR for the revenue, we note that the assessee, an individual, was imposed....