2022 (3) TMI 1650

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....MAR GADALE JM: The assessee has filed the appeal against the order of the Commissioner of Income Tax (Appeals)-52, Mumbai passed 143(3) and 250 of the Act. The assessee has raised the following grounds of appeal: 1. On the facts and circumstances of the case and in law, Ld. CIT(A) erred in confirming the AOs action of disallowing interest of Rs. 8,56,125/- by invoking the provisions of Sec. 36....

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....isclosed the income, consisting of dividend income, sale of shares, profession income, bank interest and interest from other sources. Further the assessee has borrowed loans from various NBFC and Banks. The A.O is of the opinion that the barrowed funds are not utilized for the purpose of profession/business and the interest claim of Rs.8,56,125 should be disallowed. The Ld. AR has filed the explan....

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....peal and in other grounds of appeal with respect to TDS, the CIT(A) has granted partial relief and partly allowed the appeal. Aggrieved by the CIT(A) order, the assessee has filed an appeal before the Hon'ble Tribunal. 4. At the time of hearing, the Ld.AR submitted that the CIT(A) has erred in confirming the action of the A.O. irrespective of the fact that the assessee has utilized the barrowed f....

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.... trading in shares and the assessee has received the dividend income and also earned profit on share transactions which was offered to tax and was disclosed in the income tax return. Prima facie the assessee has utilized this funds for the purpose of business and the revenue could not make out a case supporting with any evidence that the barrowed funds have been diverted for other purposes. We con....