2026 (2) TMI 1129

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....tia, with Shri Samir Vora, ARs For the Respondent : Shri Veerbadram Vislavath, Sr. DR ORDER PER DR. B.R.R. KUMAR, VICE-PRESIDENT:- This appeal is filed by the Assessee against the appellate order dated 22.08.2024 passed by the Commissioner of Income Tax (Exemption), Ahmedabad, relating to the Assessment Year 2016-17. 2. The assessee has raised the following grounds of appeal: ....

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....hat the in the facts and circumstances of the Id. CIT(A), ought not to have upheld the addition of Rs. 2,80,507/- towards interest income because the interest income of Rs. 4,51,804/-derived from M/s SKZ Realities was duly credited in the interest account and net interest income of Rs. 1,69,209/-was taken to P & L A/c. so that there was no discrepancy between the interest income as per 26AS and th....

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....860/-. During the course of assessment proceedings, the Assessing Officer issued notices calling for details regarding unsecured loan given to M/s SKZ Realities amounting to Rs. 52,86,027/-. The assessee submitted that the interest income was part of its business income and was already included in the income derived from M/s SKZ Realities. However, the Assessing Officer rejected the explanation in....