TaxTMI 
TaxTMI 
2024 (1) TMI 1328
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....Rs. 4377584 made by DCIT CPC under section 143(1) of Income Tax Act simply on the basis of interest income reflected in 26AS. 2. That the Ld. Commissioner of Income Tax- (Appeals) has wrongly confirmed the addition of Rs. 4377584 on the basis of interest income reflected in 2AS and he erred by not allowing interest expenses of Rs. 5149167, paid to bank. 3. that the Ld. CIT(A) has erred by not considering the facts, submission and remand report given by assessing officer. 4. That the Assessee craves for permission to add, amend, alter or withdraw any grounds of appeal with approval of the hon'ble bench. 3. Briefly the facts of the case are that the assessee filed her return of income declaring total income of Rs....
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....l relates to addition of Rs. 43,77,584/- u/s 143(l)(a) made in the returned income without any basis and facts on record. As already explained Smt. Charanjeet Kaur took a loan of Rs.5.00 crore from M/s Aditya Birla Capital on 17.3.2016 and said loan of Rs. 4,98,50,577/- were credited to her saving bank account No.50100018368912 with HDFC bank and from this account, loan of Rs. 4,99,00,000/- were advanced to M/s Jasmer Foods Pvt. Ltd. on 18.3.2016 through RTGS. Against this loan the following interest were charged by M/s Aditya Birla Capital from the Appellant. Date Amount of interest charged 15.04.2016 422918.00 15.05.2016 437500.00 15.06.2016 435973.00 15.07.2016 434432.00 15.08.2016 432878.00 15.09.2....
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.... wherein the assessee has claimed the interest expenditure against the interest income and which has been accepted by the Revenue and in this regard, copy of the assessment order passed under section 143(3) dt. 08/03/2021 was placed on record. 6.3 It was further submitted that during the course of appellate proceedings, the Ld. CIT(A) also called for the remand report from the AO and on perusal of the remand report which found mention in the impugned order, it may be noted that no adverse finding has been recorded by the AO, the contents of the remand report are as under: "2. In this regard, it is to submit that on perusal of the documents file das additional evidence, it is noted that while processing the ITR u/s 143(1)(a) for ....
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....authorities and our reference was drawn to the findings of the Ld. CIT(A) which read as under: "It is an undisputed fact that the appellant had filed her return of income in ITR-2 for AY 2017-18 on 01.08.2017 declaring salary income at Rs. 1,18,80,000/- and income from other sources at Rs. 8,77,677/- (interest of Rs. 1,25,991/- + Dividend of Rs. 7,51,686/-) only. It is also a fact that the appellant had claimed TDS on interest of Rs. 5,25,379/- and TDS on salary of Rs. 39,60,972/-. With these details/information, the CPC processed the return of income of the appellant and found that the appellant failed to disclose the interest income of Rs. 43,77,584/-. Since, the provision of 143(1)(a)(vi) clearly mandates the AO to make the adju....
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....ellant that since the same has been accepted in the scrutiny order for AY 2018-19 and therefore, no addition can be made in the present AY 2017-18, is not correct. Since the appellant failed to disclose the interest income in the ITR, the adjustment in the ITR u/s 143(1)(a)(vi) of the Act is correctly made. Keeping in view the above facts of the case, I don't find any infirmity in the intimation order keeping in view the information available in ITR as well as 26AS for AY 2017-18. Thus, all the grounds of appeal is dismissed." 8. We have heard the rival contentions and purused the material available on record. We find that where the AO in the remand report has verified the matter and has also stated that in the subsequent year, same ....