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The impugned additions of Rs. 1107 Lacs as made by Ld. AO u/s 68 and interest disallowance of Rs. 104.95 Lacs and partly confirmed by Ld. CIT(A), could not be sustained under law. By deleting the partial additions as confirmed by Ld. CIT(A), we allow legal grounds raised by the assessee. Though we are convinced with other arguments on merits also as enumerated by us in preceding paragraphs, however, delving into the same would become merely academic exercise keeping in view the fact that the assessee’scase, on legal grounds, is covered by the binding decision of Hon’ble Bombay High Court. Therefore, we refrain from entering into the merits of thecase. Resultantly, the assessee’s appeal stand allowed in terms of our above order whereas the revenue’s appeal stands dismissed. Assessee’s Appeal, ITA No. 6674/Mum/2019, AY 2014-15 The assessment for this year was similarly framed u/s 143(3) r.w.s. 153A on 29/12/2016. Since the unsecured loans were treated as unexplained cash credit in AY 2013-14, the interest paid against the same during AY 2014-15 amounting to Rs. 24.61 Lacs was disallowed by Ld.AO. The Ld. CIT(A), as per adjudication in AY 2013-14, confirmed disallowance to the extent of Rs. 16.86 Lacs and deleted the balance disallowance. Since, we have deleted addition u/s 68 for AY 2013-14, the interest disallowance in this AY, being consequential, could also not be sustained. Therefore, by deleting the balance interest disallowance as sustained by Ld. CIT(A), we allow the appeal.

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Sec. 153A of Income Tax Act, 1961— Assessment — B & M BUILDCON vs. Deputy CIT.[2020] 23 ITCD Online 114 (ITAT-MUMBAI)