2025 (1) TMI 752

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pondent : Shri Kanv Bali, Sr.DR ORDER PER VIKAS AWASTHY, JM: This appeal by the assessee is directed against the order of Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [in short 'the CIT(A)'] dated 24.01.2024, for Assessment Year 2021-22. 2. The assessee in appeal has raised multiple grounds, all the ground are in respect of single issue i.e. disallowance....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....and interest paid in respect of her minor child. The Assessing Officer rejected contention of the assessee and taxed the entire interest income and disallowed interest expenditure in full. Aggrieved by the assessment order dated 19.10.2022, the assessee filed appeal before the CIT(A). The First Appellate Authority without appreciating the facts and submissions of the assessee upheld disallowance o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of borrowings. The nature of advances received by minor son of assessee is not emanating from submissions of the assessee and the documents on record. The CIT(A) has given a categoric finding that earning of interest by minor child is unrelated to the loans taken by the appellant and interest paid thereon. He further asserted that no material was placed on record by the assessee to substantiate t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ans allegedly taken by the minor child. We observe, that findings of the AO on this issue are cryptic. The AO has failed to conduct proper inquiry regarding alleged loans taken by the minor child. The CIT(A) has also passed the impugned order on the basis of shallow assessment order. Therefore, we deem it appropriate to restore this issue back to the file of AO for fresh adjudication. The AO shall....