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2017 (5) TMI 907

Head Note / Extract:
Revision u/s 263 - Addition invoking the provisions of section 40(a)(ia) - Held that:- Since the assessee did not furnish any details with regard to interest paid to the creditors, the Assessing Officer was directed to obtain the details and to examine “afresh” at the time of giving effect to this order and “disallow proportionate interest which is attributable to the acquisition of capital assets”. As rightly pointed out by the assessee wherever the Revisional Authority thought fit to set aside the matter in toto or with a specific direction to examine the applicability of section 40(a)(ia) such direction was given in the very same order whereas, with regard to interest paid to the creditors, there is a specific direction to disallow proportionate interest which is attributable to the acquisition of capital assets. In other words, the Assessing Officer’s duty ends the moment analysis is made with regard to attribution of interest as to whether it is for acquisition of capital asset or a revenue expenditure.

While giving effect to the order, the Assessing Officer however, did not consider the issue as to whether it was capital or revenue expenditure. Since the specific direction of the ld. Commissioner was not followed by the Assessing Officer, the order of the ld. CIT(A) as well as Assessing Officer deserves to be set aside on this limited issue with a direction to the Assessing Officer to examine the nature of the expenditure and to disallow proportionate capital expenditure, in line with the direction given by the Revisional Authority. - Appeal filed by the assessee is partly allowed.


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