2025 (9) TMI 17

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....e assessee when the case was called neither any application for seeking adjournment has been filed which shows that assessee is not interested in pursuing the present appeal, moreover today is the 8th opportunity of hearing, therefore we see no justification in further adjourning the case, therefore assessee is proceeded ex-parte. On the contrary, the Ld. DR present in the court is ready with the arguments, therefore we have decided to proceed with the hearing of the case exparte. Ground No. 1. Raised by the appellant is as follows: "1. The Ld. AO has erred in law as well as the facts in making disallowance of interest of Rs. 6,16,473/-, in respect of bank overdraft u/s 57 of the Act and the Ld. CIT(A) NFAC, Delhi has erred in confirmi....

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....n certain case laws, but they are distinguishable on facts from the appellant's case. Accordingly, the disallowance of interest of Rs. 6,16,473/- made by the AO is hereby confirmed. The ground of appeal No.1 is thus, dismissed. 4. Ld. DR relied upon the order passed by the revenue authorities. Even before us none appeared on behalf of the assessee to rebut or controvert the lawful findings so recorded by the Ld. CIT(A) and the assessee has miserably failed to establish a nexus between the interest income out go and the interest income earned. No submissions or details were filed to demonstrate as to how these funds were utilized and establish a nexus between the funds withdrawn from the OD account and the interest income earned. There....