2023 (5) TMI 1450

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....he assessee submitted at the outset that he is not pressing ground no. 1 of appeal. In respect of ground no. 2, the Ld. Authorised Representative (AR) submits that the assessee had created a provision in respect of interest liability. This liability had accrued on account of investment made in shares and securities through various broker firms of Harshad S. Mehta Group. The assessee had brought to the notice of Assessing Officer (AO) that similar addition in past has been deleted by the Tribunal in the case of Dr. Pratima H. Mehta, one of the family members of the assessee. The AO brushed aside the decision cited by the assessee and disallowed interest expenses. The Ld. AR submitted that in assessee's own case in ITA No. 4430/Mum/2017 ....

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....sessee is merely a book entry. The said expenditure will never be paid. He further submits that as regard ground no. 3, the AO had made addition on the basis of concession allowed by the AR of assessee. On other issues raised in appeal, the Ld. Counsel supported the findings of CIT(A). 4. We have heard the submissions made by rival sides and have examined the orders of authorities below. In ground no. 1 of appeal, the assessee has assailed rejection of books of account. The Ld. AR stated at Bar that he is not pressing ground no. 1. In view of the statement made by Ld. AR of the assessee, ground no. 1 of appeal is dismissed as not pressed. 5. In ground no. 2 of appeal, the assessee has assailed disallowance of interest expenses Rs.&nbs....

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....nbsp;21,241/- on account of difference in ledger balance viz-a-viz books of Late Shri Harshad S. Mehta. The ground was dismissed by the AO on the alleged concession granted by the AR of the assessee. Before CIT (A) and the Tribunal, the Ld. AR of the assessee had contested that no such concession was granted before AO. Without delving further on the controversy of concession, we deem it appropriate to restore this issue back to the file of AO for deciding the issue on merits. Ground no. 3 of appeal is thus, allowed for statistical purpose. 7. In ground no. 4 of appeal, the assessee has assailed levy of interest u/s 220 of the Act. The Ld. AR stated that this issue can be restored back to the file of AO as there are calculation errors. Th....