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2019 (4) TMI 1217 - AT - Income TaxDisallowance of interest expenses - Assessee company has raised unsecured loan/other credits from various parties - HELD THAT:- While we accept the proposition as laid down by the ld.CIT(A) in principle, however, the fact remains that no evidence was filed either before the Assessing Officer or before the CIT(A) to suggest that such advances were given to companies/parties engaged in the business of real-estate and, in fact, the assessee has either purchased land from the said parties or has entered into any agreement with the same parties. The assessment order clearly reveals that despite opportunities granted by the Assessing Officer, the assessee failed to produce any documentary evidence to support its claim that the advances were given for purchase of land. Considering the totality of the facts of the case and in the interest of justice, we deem it proper to restore the issue to the file of the Assessing Officer with a direction to give one more opportunity to the assessee. - Decided in favour of revenue for statistical purposes. Disallowance of Foreign Travel expenses, Business Promotion expenses and rebate - additional income surrendered by the assessee will cover the disallowance above - HELD THAT:- During the course of assessment proceedings, the assessee did not furnish the details as called for by the Assessing Officer for which he disallowed foreign travelling expenses and business promotion expenses. Although the CIT(A) deleted the addition/disallowance on the ground that the assessee has surrendered an amount of ₹ 461.15 lakh towards disallowance u/s 40A(3)/40(a)(ia) and u/s 68 and 69C of the Act and other unexplainable documents/entries for which no addition is called for, however, it is a fact that the assessee has claimed deduction u/s 80IB(10) on the additional income so declared. Therefore, it cannot be said that the additional income surrendered by the assessee will cover the disallowance of the above expenditure for want of bills and vouchers and the expenditure which is being claimed by the assessee. We, therefore, reverse the order of the CIT(A) and restore the issue to the file of the Assessing Officer with a direction to give an opportunity to the assessee. Ground of appeal Nos.2, 3 and 4 raised by the Revenue are accordingly allowed for statistical purposes.
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