ITAT quashes orders passed in casual manner by AO & CIT(A)

Sukh Sagar Co. Vs ITO (ITAT Ahmedabad) On the issue of disallowance/ addition of interest under section 40A(2)(b) of the Act ; of Rs.9,195/- the same pertained to advance given by the assessee to one Shri Shailesh M. Patel from whom the ld.AO noted that the assessee had recovered interest at rates less than 12%; and Rs.21,295/- pertained to fund advanced by one Brijesh P. Chauhan to the assessee to whom the AO found assessee had paid interest at rate more than 12%. Both were related entities to the assessee as per section 40A(2)(b) of the Act. Assessment order reveals that the assessee had f...