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2017 (12) TMI 1006 - AT - Income TaxInterest shown as payable to M/s Intra Port India Ltd. disallowed - Set off the loss - Held that:- A.O is not right in holding that in order to set off the loss of M/s Intra Port India Ltd., the interest is being claimed to have been payable to M/s Intra Port India ltd. Both the authorities below have proceeded on the premise that M/s Intra Port India Ltd., has been taken over by the assessee group and that it is thereafter, that the claim is being made. A search has taken place in the case of the assessee group on 03.01.2002, whereas M/s Intra Port India Ltd., is allegedly taken over by the assessee group only from 24.04.2004. Therefore, there cannot be any possibility of raising the claim of interest payable to M/s Intra Port India Ltd., for the A.Y 2001-02 to 2004-05 after taking over the said company. In view of the same, we are inclined to remit the issue to the file of the A.O with a direction to verify and determine as to when the company, M/s Intra Port India Ltd., was taken over by the Bagga group, after taking into consideration all evidence filed by the Assessee including the additional evidence admitted by the Tribunal and thereafter to decide the issue of allowability of interest.
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