Surendra Kumar Agarwal v. ACIT, Circle-46, Kolkata
[Citation -2019-LL-0830-11]
| Citation | 2019-LL-0830-11 |
|---|---|
| Appellant Name | Surendra Kumar Agarwal |
| Respondent Name | ACIT, Circle-46, Kolkata |
| Court | ITAT-Kolkata |
| Relevant Act | Income-tax |
| Date of Order | 30/08/2019 |
| Assessment Year | 2013-14 |
| Judgment | View Judgment |
| Keyword Tags | interest on unsecured loan • regular assessment • double deduction • excess interest • disallowance of interest expenditure • rectification proceeding |
| Bot Summary: | CIT -DR Date of Hearing 28-08-2019 Date of Pronouncement 30-08-2019 ORDER This assessee s appeal for assessment year 2013-14, arises against the Commissioner of Income-tax-14, Kolkata s order dated 23.08.2018 passed in case No.185/CIT(A)-14/Cir-46/2017-18, involving proceedings u/s. The assessee s sole substantive grievance challengers correctness of both the lower authorities action disallowing interest amount paid on unsecured loans totaling to 12,89,778/-. The Assessing Officer admittedly framed his regular assessment in assessee s case on 22.03.2016 disallowing the alleged excess interest of 6,51,597/- u/s 40A(2) of the Act. Page 2 of the Act on the ground that he had committed a mistake in allowing interest on unsecured loan amounting to 12,89,778/- since it was an instance of double deduction as the very claim had been accepted in case of the taxpayer s proprietorship business M/s J.B.S. Tubes. Coupled with this, Mr. Agarwal invited my attention to assessee s detailed paper book running into 54 pages and more particularly his computation of income in personal account under business head computing the impugned interest sum, profit and loss account and balance-sheet. The Revenue s case on the other hand is that the Assessing Officer had noticed the impugned double deduction as per the assessee s relevant figures in the return itself which had to be taken as the final figures. He fails to dispute the clinching fact that assessee s balance-sheet as well as profit and loss account depict the true picture of the interest amount in question not claiming any double deduction. |