2025 (10) TMI 216

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....Singh, Sr. D.R. ORDER PER SUCHITRA KAMBLE, JUDICIAL MEMBER: This is an appeal filed against the order dated 23-02- 2024 passed by National Faceless Appeal Centre(NFAC), Delhi for assessment year 2020-21. 2. The grounds of appeal are as under:- "1. The learned CIT(A) has erred in confirming the addition of Rs. 21,98,647/- being interest paid and claimed as deduction under Secti....

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....e is an individual and filed his return of income u/s. 139(1) on 06-01-2021 declaring total income at Rs. 24,71,050/- for assessment year 2020-21. The assessee earned income from salary, house property, capital gain and income from other sources. The assessee's case was selected for scrutiny. As regards the deduction u/s. 57 of the Act against income from other sources, the Assessing Officer obser....

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....8,253/- which included interest income under OS at Rs. 5733,580/-. The assessee received salary in the capacity of director in the company of M/s. Accent Microcell Pvt. Ltd. The assessee has not declared any income from other sources or profession but shown only from salary. However, on the issue of rate of interest charged at the loans and advance given and rate of interest paid on the loan taken....

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....et paid by the parties except 5 parties. The overall interest at the average of 12% was received and was paid by the assessee as per the submissions of the ld. A.R.. At the time of hearing, the ld. A.R. also submitted the bank statements, ledger account and other details along with confirmations of the other 8 persons. 6. The ld. D.R. relied upon the assessment order and the order of the CIT(A)....