Disallowance of interest expenditure is warranted if assessee has not made any new investment during the year

Last updated: 22 February 2021

Court :
ITAT Kolkata

Brief :
The present appeal has been preferred by the assessee against the order dated 27.02.2020 of the Commissioner of Income-tax (Appeals)-20, Kolkata [hereinafter referred to as ‘CIT(A)’].

Citation :
ITA No.534/Kol/2020

IN THE INCOME TAX APPELLATE TRIBUNAL
KOLKATA BENCH “SMC” KOLKATA
Before Shri SANJAY GARG, Judicial Member

ITA No.534/Kol/2020
Assessment Year:2012-13

M/s Merino Exports Pvt.
Ltd. 5, Alexandra Court,
60/1 Chowringhee Road,
Kolkata-700 0201
[PAN No.AABCM 5670 N]
Appellant

V/s.

Dy. Commissioner of
Income Tax, Circle12(1), Aayakar
Bhawan, P-7,
Chowringhee Square,
Kolkata-69
Respondent

By Appellant Shri Shayam Sundar Jha, C.A
By Respondent Shri Jayanta Khanra, JCIT-SR-DR
Date of Hearing 08-02-2021
Date of Pronouncement 08-02-2021

O R D E R

The present appeal has been preferred by the assessee against the order dated 27.02.2020 of the Commissioner of Income-tax (Appeals)-20, Kolkata [hereinafter referred to as ‘CIT(A)’].

2. The present appeal is barred by limitation period of 171 days’. A separate application for condonation of delay has been filed by the assessee explaining that due to restrictions imposed because of Covid-19 pandemic, the assessee could not file the appeal in time. In view of the reasons explained and considering the circumstances in the pandemic situation of Covid-19, I condone the delay in filing the present appeal. Case is now taken up for adjudication on merits.

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