No Penalty for Disallowed Advances & Interest Claims: ITAT Bangalore

DCIT Vs Santosh Shivaji Lad (ITAT Bangalore) Advances written off & interest claims not false- No Penalty for mere disallowance of claims: ITAT Bangalore Assessee claimed a loss of ₹38.19 lakhs in AY 2013-14. In the P & L a/c,  Assessee claimed an expenditure of ₹5,55,20,973 under the head “investment in companies written off.” Assessee also claimed interest expenses u/s 57.  Assessee stated that he had promoted two companies, namely M/s Lad’s Technologies Pvt. Ltd. in 2009  & M/s Connect Films Media Pvt. Ltd. in 2008. These companies were not generating suffic...