TaxTMI 
TaxTMI 
2024 (2) TMI 394
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 2. In this appeal, the assessee has raised the following grounds:- "1. On the facts and in the circumstances of the case and in law, R the Hon'ble National Faceless Appeal Centre (NFAC) erred in upholding the decision of Ld.AO of disallowance of Rs. 21,48,282/- on account of interest claimed in profit & loss A/c without considering the submission made and documents provided. The appellant company prays that the said disallowance may please be deleted. 2. On the facts and in the circumstances of the case and in law, R the Hon'ble National Faceless Appeal Centre (NFAC) erred in upholding the decision of the Ld.AO of disallowance of Rs. 25,20,300/- on account of expenses claimed in profit & loss A/c under the head Sales Promotion....
X X X X Extracts X X X X
X X X X Extracts X X X X
....manating from the record, are: During the assessment proceedings, on verification of details filed by the assessee, it was observed that the assessee has borrowed loans, long-term capital borrowings of INR 3,85,44,906 and short-term borrowings of INR 1,27,04,814. It was also observed that the assessee has claimed an interest expenditure of INR 69,25,239. It was further noticed that the assessee has advanced INR 2,98,36,451 which includes advances to related parties of INR 1,41,49,131. During the assessment proceedings, the assessee was asked to furnish the details of loans and advances given to the related parties and the nature of relation with each party. However, the assessee only furnished the names of the parties without giving any det....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he case pertaining to this issue, as emanating from the record, are: During the assessment proceedings, it was observed that the assessee has incurred sales promotion expenses of INR 32,87,444, which include a major amount paid to Ramesh Chand Auto, i.e. INR 25,20,300. In the absence of any reason for incurring the expenditure and nature of services provided by them, the AO vide order passed under section 143(3), inter-alia, disallowed the aforesaid expenditure of INR 25,20,300. The learned CIT(A), vide impugned order, after noting the fact that similar expenses under the aforesaid head were credited in the last year as well and no substantial clarification has been offered by the assessee, upheld the disallowance made by the AO. Being aggr....
X X X X Extracts X X X X
X X X X Extracts X X X X
....INR 2,97,198 under section 14A read with Rule 8D of the Income Tax Rules, 1962 ("the Rules"). 11. The brief facts of the case pertaining to this issue, as emanating from the record, are: The AO vide order passed under section 143(3) of the Act made disallowance of INR 2,97,198 under section 14A read with Rule 8D. The learned CIT(A), vide impugned order, dismissed the appeal filed by the assessee on this ground. Being aggrieved, the assessee is in appeal before us. 12. We have considered the submissions of both sides and perused the material available on record. From the perusal of the submissions filed by the assessee before the learned CIT(A), as noted on page 18 of the impugned order, we find that the assessee specifically submitted tha....