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2024 (1) TMI 852 - ITAT DELHIBusiness expenditure u/s 37(1) - transaction documents as referred to in the Framework Agreement require to be seen to find out the true nature and character of the loan - whether for acquiring capital asset or for repayment of liabilities? - HELD THAT:- We find, as per submissions of DR, it is the case of the Revenue that various agreements, which are not produced at earlier stages need to be examined for arriving at a proper conclusion on assessee’s claim of business expenditure. Since, the documents referred to by learned Departmental Representative were never called for and examined by the departmental authorities, in our view, in the interest of justice, the issue arising for consideration needs to be restored back to the AO for de novo adjudication. AO, if so desires, may call upon the assessee to furnish the documents, which he requires to examine for ascertaining the true nature and character of the expenditure. On examination of such documents, the Assessing Officer may decide the issue after providing due and reasonable opportunity of being heard to the assessee. Appeal is allowed for statistical purposes.
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