2023 (3) TMI 1495

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....NTANT MEMBER For the Assessee : Shri Praveen Jain, CA For the Revenue : Shri Piyush Tripathi, Sr. DR ORDER PER RAVISH SOOD, JM: The captioned cross-objection filed by the assessee-respondent arises from the appeal filed by the department in ITA No.230/RPR/2019 for A.Y.2013-14. The assessee-respondent by filing the aforesaid crossobjection has objected to the order passed by the CIT(....

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....ludes opening balance of Rs. 1,20,68,400 and interest credited for the year 14,70,659) and Rs. 2,71,43,418/- as Loan Returned. If we take rectified/actual amount of loan received, then, tax impact on the disputed addition along with other additions made in the Assessment Order is below Rs.50.00 Lakhs which is Monetary Ceiling vide Circular No-17 of 2019 dated 08/08/2019 for the Departmental Appeal....

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....rcumstances of the Case, Ld. AO has accepted entire Interest expenses claimed by the assessee, hence disallowance/ addition of said Loan under Section 68 is contradictory and bad in law. Hence addition made u/s 68 by AO is bad in law." 2. On a perusal of the aforesaid cross-objection it transpires that the same involves a delay of 935 days. The assessee had filed before us an "affidavit" of Shr....

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....cond appeal before Hon. ITAT but after giving the Rectification effect, tax liability will be less than 50 lakhs. Till date Ld. AO has not passed Rectification Order u/s.154 hence, assessee hereby filed cross objection against the appeal filed by the department before Hon.ITAT." 3. As is discernible from the record, it is the claim of the assessee that it had, after framing of the assessment by....