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2017 (3) TMI 964 - AT - Income TaxDisallowance of interest claimed u/s.57(iii) - Held that:- We find that the issue of availability of fund and advancing of funds from the account of Ashok Mittal to the assessee have not been verified properly. We have admitted additional evidences that were not available to the lower authorities, but they throw light on the dispute before us. From the bank statement it is clear that at least ₹ 3 crores were advanced on behalf of Ashok Mittal. It is also a fact that Dena Bank had extended loan facility in favour of six entities. In our opinion, the AO/FAA had not deliberated upon the said issue as the assessee had not furnished the necessary details before them. Therefore,we are of the opinion that in the interest of justice, matter should be restored back to the file of the AO for fresh adjudication, who would decide the issue afresh after affording a reasonable opportunity of hearing to the assessee. Effective Ground of appeal decided in favour of the assessee, in part.
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