9911796707
TMI Blog2013 (12) TMI 657X X X X Extracts X X X X X X X X Extracts X X X X ..... iled on 21.1.2006 disclosing 'nil' income. Subsequently, a revised return was filed on 27.10.2007 declaring 'nil' income. As against which assessment was completed u/s 143(3) on 19.12.2008 after adjustment of brought forward losses of earlier years amounting to Rs. 87,21,793/- and unabsorbed depreciation amounting to Rs. 35,19,920/- at 'nil' total income. As per the computation of total income, the assessee claimed deduction of interest amounting to Rs. 22,41,839/- by reversing the entries in the books. The Assessing Officer has observed that the assessee has neither furnished details of any interest amount written off nor has furnished details as to which assessment year they belonged to. He has observed that the assessee was having loan a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TR 631 (SC). Regarding other advances, it was submitted that advances were given from out of the profits earned by the assessee during the year under consideration and not by diverting funds borrowed from the bank. It was asserted that the assessee company had sufficient funds on account of share capital, and the reserves and the surpluses after reducing the debit balances of profit and loss during the relevant year, therefore, no amount was advanced out of borrowed funds. Accordingly, it was prayed that the provisions of section 36(i) (iii) of the Act would help the case of the assessee unless the revenue is able to show that the loans were given to an y individual or an y director on account of other than the business considerations. It w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the learned CIT(A) has directed the Assessing Officer to rework disallowable interest Accordingly. 5. Before us, similar arguments were taken from both the side. We have gone through the entire record. In fact, we have tried and grappled with the facts and figures available both in the Assessing Officer's order and that of CIT(A)'s order. Both of them have intermingled facts and issues in such a manner that it is not possible to make out a clear case. We are ourselves unable to cull out the full and final facts of the issue from the available record. There is no clear cut findings of learned CIT(A) in respect of an y of the items of interest which are the subject matter of revenue's appeal. Accordingly, we are of the considered opinion th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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