2025 (9) TMI 898

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....e and in law, the Commissioner of Income Tax erred in confirming the addition of Rs. 17,14,39,723/- to the income under Section 68 of the Income Tax Act, 1961, without giving due consideration to the submissions made by the assessee and without proper appreciation of the material facts of the case." 2. On the facts and in the circumstances of the case and in law, the Commissioner of Income Tax erred in upholding the disallowance of interest expenses of Rs. 45,36,998/- paid by the Appellant on loans utilized for acquiring income-generating rental property, having failed to properly appreciate the nexus between the borrowed funds and the income-earning asset. 3. assessee/appellant craves leave to add/alter/modify any/all gro....

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....proceedings by making addition of Rs. 17,14,39,723/- u/s 68 of the Act which also included additions of Rs. 45,36,998/- being interest claimed on the unsecured loans mentioned hereinabove. The assessee carried the matter before the ld. CIT(A) but without any success. 4. Before us, the ld. Counsel for the assessee reiterated what has been stated before the lower authorities and referred to the documentary evidence which were furnished before the lower authorities to demonstrate that the assessee has successfully discharged the initial onus cast upon it by the provisions of Section 68 of the Act. Per Contra, the ld. D/R strongly supported the findings of the AO. 5. We have carefully considered the orders of the authorities below. Insofa....

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....ounts, the details sought by the AO from Tirupati Power Infra Projects Pvt Ltd. 5.1.1. Subsequently, vide letter dated 16/03/2016, the AO of Tirupati Power Infra Projects Pvt Ltd., was asked to filed details available in case records in respect of the said company and the AO of Tirupati Power Infra Projects Pvt Ltd., filed details as sought by the AO. Though the AO of Tirupati Power Infra Projects Pvt Ltd., made his reservation insofar as the financials of the company is concerned but we have the benefit of the assessment order in the case of Tirupati Power Infra Projects Pvt Ltd. dated 31/03/2016 which is subsequent to the impugned assessment order of Tirupati Power Infra Projects Pvt Ltd.. The AO has accepted the financials of the asse....