2023 (2) TMI 957

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....g of shares, securities and other financial products/instruments. Assessee electronically filed its return of income for A.Y. 2015-16 on 25.09.2015 declaring total income of Rs.97,93,290/-. The case was selected for scrutiny and thereafter assessment was framed u/s. 143(3) vide order dated 12.12.2017 and the total income was determined at Rs. 1,34,45,830/- . 2.2. Aggrieved by the order of the A.O. the assessee carried the matter before the Ld. CIT(A). Who vide order dated 27.11.2018 in Appeal No.CIT(A), Delhi- 6/10385/2017-18 dismissed the appeal of the assessee. 3. Aggrieved by the order of the Ld. CIT(A), the assessee is now in appeal before the Tribunal and has raised the following grounds : 1. On the facts and in circumst....

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....was provided to the assessee and hence, the impugned order passed in violation of natural justice must have been quashed by Ld. CIT(A) and failing to do so has vitiated the order of appeal. 5. The authorities below have erred in not following the binding decisions of Apex Court and High Courts and Tribunals relied upon by the appellant and assessment order cannot, therefore, be sustained both on facts and in law. 6. On the facts and in the circumstances of the case, Ld. CIT(A) has grossly erred in upholding illegal disallowance of Rs. 36,52,540/-made by A.O. on account of interest expenditure incurred and legitimately claimed by the assessee us 36 of the Income Tax Act. The additions made are being illegal and arbitrary he....

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....sessee has raised various grounds but the sole grievance of the assessee is the disallowance of Rs. 36,52,540/-. 6. During the course of assessment proceedings, AO noticed that assessee has paid huge interest on loans and advances taken and has claimed Rs. 38,76,143/- as interest expenditure. AO called for the details of the interest expenses and asked the assessee to furnish the details of loans and advances that were taken and the party wise details of interest charged and the purpose of which the loans were taken. AO noted that the assessee had failed to justify the commercial expediency of the loan given to the various parties on interest free basis. AO after analysis of the financial statements noted that the total funds available w....