2025 (1) TMI 499

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.... Respondent : Shri Sanjay Tripathi, Sr. DR. ORDER PER SHAMIM YAHYA, AM : These appeals by the assessee are against the separate orders of the Ld. CIT(A)/NFAC, New Delhi both dated 09.12.2022 pertaining to assessment years 2015-16 & 2016-17 respectively. 2. The solitary ground raised in AY 2015-16 reads as under:- "That Ld. CIT(A)(NFAC) without appreciating the correct facts of....

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....h the facts of AY 2015-16, as the lead case. 5. Brief facts of the case are that the assessee has claimed interest expenses of Rs. 10,64,414/- on the unsecured loans of Rs. 142,00,000/-. From the perusal of the balance sheet, it was seen that the assessee has made net current investment of Rs. 3,77,25,000/- with M/s Indica Food Pvt. Ltd., but no income was shown by the assessee. Therefore, show....

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....ition that if exempt income is not earned, disallowance is to be done under section 14A read with Rule 8 and confirmed the addition made by the AO by dismissing the appeal of the assessee. 7. Aggrieved with the above, assessee appealed before the Ld. CIT(A). 8. We have heard both the parties and perused the records. We note that in this case assessee has not earned any exempt income and it i....