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2016 (4) TMI 1234 - ITAT CHANDIGARHDisallowance u/s 36(1)(iii) out of interest paid and the disallowance is in any case too excessive - Held that:- The lower authorities have not properly considered the reply of the assessee and also the documentary evidence submitted by the assessee in support of its claim. It appears that the Assessing officer has completely ignored the relevant documents furnished by the assessee. Even, the first appellate authority has passed a cryptic order without considering the submissions made by the assessee in support of its claim. Thus we set aside the findings of the CIT(A) to the above extent and remand the matter to the Assessing officer with the direction to decide the limited issue concerning the loans and advances made to M/s Punjab Machinery Works P. Ltd, M/s Vicky Carriers and M/s Rajiv Kapoor Transport afresh, in accordance with law, after affording due and reasonable opportunity of being heard to the assessee.
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