Amitabh Das Mundhra Vs. DCIT, C.C-11(1), Kolkata

Parties Involved

Facts Summary

The assessee, Amitabh Das Mundhra, filed a return of income on 09.01.2021 declaring a total income of Rs. 2,65,79,170/-. The assessee is a director in 15 Indian companies and earned income through salary, interest, and investments in shares and mutual funds. The case was selected for scrutiny under CASS due to discrepancies in salary and large deductions claimed under section 57. The assessee claimed interest expenses under section 57 of the Act, but the Assessing Officer (AO) rejected the claim, adding Rs. 4,89,39,786/- as income. The appellate authority dismissed the assessee's appeal, leading to the current appeal.…

Legal Issues

• 1. Confirmation of addition of Rs. 4,89,39,786/- as made by the AO by rejecting and adding the interest expenses as claimed u/s 57 of the Act.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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