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2014 (7) TMI 304 - AT - Income TaxInterest paid and received on project – AO did not allow the set off - Held that:- There is no clarity as to the source of investment into the two projects pending for completion - There is no clear cut finding of the AO that the unsecured loans have not gone into the completed project in respect of which income is recognized in the year - the issue raised in the grounds needs to be remanded to the files of the AO for examination and unambiguous conclusions – the AO is directed to pass a speaking order on the issues raised in the grounds after affording a reasonable opportunity of being heard to the assessee - the assessee mentioned that he is maintaining mixed accounts and the AO did not examine the project wise analysis of the expenses and the investments - the finding of the AO that the interest payments relate to the investments made in the pending projects is far from reality - Decided in favour of Assessee.
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