2023 (10) TMI 1053

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed 13.12.2022 pertaining to the Asst. Year 2018-19. 2. In the appeal, the assessee has raised the following grounds for adjudication: i) The order passed by AO and confirmed by NFAC is bad in law and required to be quashed. ii) Ld. NFAC erred in law and on facts in confirming addition of Rs. 159058/-on account of interest and late fees of IDS. iii) Ld. NFAC erred in law and on facts in confirming late payment and penalty charges of Rs. 3092199/-. iv) Ld. NFAC erred in law and on facts in confirming addition of Rs. 1571902/-on account of interest on margin trading facility. v) Ld.NFAC ought to have adjudicated the appeal on merits rather than dismissing it in limine. 3. As transpires from th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ounts was also filed before us explaining the same. He therefore contended that in the light of all the records, the evidences/documents before the AO, there was no reason or the AO to reject the contentions of the assessee that these expenses were incurred wholly and exclusively for the purpose of business of the assessee. He contended that neither narration of the expenses nor copy of the ledger account of these expenses revealed any fact leading to the conclusion or finding that these expenses were pertained to penalty for infringement of any law which is not allowed in terms of provisions of section 37(1) of the Act. He therefore pleaded that the disallowance made be deleted. The ld.DR however supported order of the ld.CIT(A) stating....