Spectra Realcon LLP, Kolkata V. ITO, Ward-25(1), Kolkata

ITA 498/KOL/2024

• Counselvise Citation: [2024] 100 COUNSELVISE.COM (IT) 0648 (ITAT-KOLKATA)
• Duration Of Justice: 4 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-07-2024
• Appeal Filed By: Assessee
• Order Result: PartlyAllowed
• Bench Allotted: C
• Next Hearing Date: 28-07-2024
• Assessment Year: 2019-2020
• Appeal Filed On: 11-03-2024
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 43B; 250

Judgement Text

आयकर अपीलȣय अͬधकरण, कोलकाता पीठ ‘सी’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH KOLKATA Before Shri Sanjay Garg, Judicial Member and Shri Sanjay Awasthi, Accountant Member I.T.A. No.498/Kol/2024 Assessment Year: 2019-20 Spectra Realcon LLP.............................................................Appellant 686 Shrachi Tower, Anandapur Road, Kolkata – 700107. [PAN: ACLFS1801L] vs. ITO, Ward-25(1), Kolkata................................................................... Respondent Appearances by: Shri Sanjay Chatterjee, FCA, appeared on behalf of the appellant. Shri Sailen Samdder, Addl. CIT-Sr. DR, appeared on behalf of the Respondent. Date of concluding the hearing : July 29, 2024 Date of pronouncing the order : July 30, 2024 आदेश / ORDER संजय गग[, ÛयाǓयक सदèय ɮवारा / Per Sanjay Garg, Judicial Member: The present appeal has been preferred by the assessee against the order dated 15.01.2024 of the Commissioner Of Income Tax (Appeals) AADL/JCIT(A)-1, Lucknow [hereinafter referred to as ‘CIT(A)’] passed u/s 250 of the Income Tax Act (hereinafter referred to as the ‘Act’). 2. The assessee in this appeal has agitated against the confirmation of addition made by the Assessing Officer u/s 43B of the Act on account of disallowance of interest paid on loan to United Bank of India. 3. At the outset, the ld. Counsel for the assessee has submitted that the assessee during the year had paid an amount of Rs.7017801/- to the United Bank of India, which was on account of interest. However, the auditor of the assessee in the audit report in Form 3CA has I.T.A. No.498/Kol/2024 Assessment Year: 2019-20 Spectra Realcon LLP 2 inadvertently recorded the same on account of payment towards principal amount. The ld. Counsel has further submitted that during the period from 01.09.2018 to 31.03.2019, the assessee had deposited Rs.7,43,81,102/- in the loan account out of this deposit, amount of Rs.70.17 lakh was towards interest payment and the lower authorities have disallowed the same treating the same as provision for interest, which was allegedly not paid before the due of filing of return of income. 4. Considering the above submissions, the issue is restored to the file of the Assessing Officer with a direction that the assessee will duly furnish the necessary certificate from the bank depicting the amount paid towards the interest before due date of filing of return of income for the assessment year under consideration. If such a certificate is furnished by the assessee, the Assessing Officer will duly consider the same and allow the claim of the assessee towards interest payment, if so found correct. 5. With the above observation, the appeal of the assessee is treated as allowed for statistical purposes. Kolkata, the 30 th July, 2024. Sd/- Sd/- [Sanjay Awasthi] [Sanjay Garg] लेखा सदèय/Accountant Member ÛयाǓयक सदèय/Judicial Member Dated: 30.07.2024. RS Copy of the order forwarded to: 1. Spectra Realcon LLP 2. ITO, Ward-25(1), Kolkata 3.CIT (A)- 4. CIT- , I.T.A. No.498/Kol/2024 Assessment Year: 2019-20 Spectra Realcon LLP 3 5. CIT(DR), //True copy// By order Assistant Registrar, Kolkata Benches