Shagun Jewellers (P) Ltd. Vs DCIT (ITAT Delhi)
ITAT Delhi held that addition on the basis of interest paid on cash loans received by the assessee is directed to be deleted. Accordingly, appeal of the assessee are partly allowed.
Facts- Assessee has preferred the present appeal mainly contesting that CIT(A) has erred both in law and on facts in upholding the determination of total income of the appellant company at Rs. 43,03,490/- as against declared income of Rs. 13,36,560/- in an order of assessment 31.12.2016 under section 147/143(3) of the Act.
Conclusion- Held that the addition was based on interest paid on cash loans received and this issue has already been decided by the Co-ordinate Bench in the assessee’s own case for Asst. Year 2010-11. Since, facts are identical in all these appeals, therefore, by respectfully following the order of the Hon’ble ITAT in assessee’s own case in ITA No.9890/Del/2019 (supra) we hereby direct to delete the additions made in the hands of the assessee in all the three years. In the result, all the three appeals of the assessee are partly allowed.
FULL TEXT OF THE ORDER OF ITAT DELHI
All the three appeals filed by the assessee against the order of Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi and in all the three appeals the issues are common and thus, they are taken up together and disposed off by a single order.
