2025 (9) TMI 157

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.... PER SAKTIJIT DEY, V.P.: This is an appeal against the order dated 23.07.2024 passed by the National Faceless Appeal Centre (NFAC), Delhi for the Assessment Year (AY) 2017-18. 2. The solitary dispute in the appeal is disallowance of interest expenses amounting to Rs. 29,67,250/-. 3. Briefly the facts are, the assessee is a resident individual. For the assessment year under dispute, the a....

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....ction in respect of interest expenses of Rs. 29,67,250/-. Though, the assessee contested the disallowance before learned First Appellate Authority, however, she was unsuccessful. 4. Before us, learned counsel appearing for the assessee submitted that the Departmental Authorities have completely misconceived the facts while disallowing the claim of the assessee. She submitted, actually, assessee....

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.... Act, being totally unrelated to housing loan should be allowed. 5. Learned Departmental Representative (DR) strongly relied upon the observations of the Assessing Officer and learned First Appellate Authority. 6. We have considered rival submissions and perused the materials on record. Reading of the assessment order clearly reveals that the Assessing Officer has disallowed the interest exp....

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...., the assessee has claimed interest expenses of Rs. 2,00,000/- in terms with Section 24(b) of the Act. Whereas, the other loan taken by the assessee, in turn, was advanced to some other parties by charging interest and the assessee had received interest income of Rs. 29,67,250/-. From the computation of total income, it appears that against such interest income, the assessee has claimed interest e....