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2020 (9) TMI 369 - ITAT DELHIAllowability interest expenditure - Advances to subsidiary companies/sister concern - HELD THAT:- Availability of interest-free funds has to be decided after verification of facts of the each year and cannot be allowed merely by following the decisions of the Tribunal in the case of the assessee in earlier years. This issue of availability of interest free funds has not been raised by the assessee before the Assessing Officer during assessment proceedings. As before AO the assessee argued only utilisation of loan funds by the subsidiary companies/sister concern for business purposes and for that too also no documentary evidences were submitted before the Assessing Officer. Before the Ld. CIT(A), the assessee did not appear and not filed any submissions. The argument of availability of interest free funds and giving of loans to subsidiary companies/sister concern out of such interest-free funds, has been raised for the first time before us, therefore in the interest of natural justice, we feel it appropriate to restore this issue back to the file of AO for deciding afresh in accordance with law after providing adequate opportunity of being heard to the assessee. - Decided in favour of assessee for statistical purposes.
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