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TMI Blog2016 (10) TMI 251X X X X Extracts X X X X X X X X Extracts X X X X ..... jesh Katoch, Advocate, for the respondent ORDER S. J. Vazifdar, C.J. ( Oral ) This is an appeal against the order of the Tribunal confirming the order of the CIT (Appeals) pertaining to the assessment year 2009-2010. 2. The appellant contends that the following substantial questions of law arise in this appeal:- "I. Whether under the facts & circumstances of the case, u/s 36(1)(iii) of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in fact filed detailed written submissions which are annexed as Annexure A-10 to this appeal. In paragraph 3, the CIT (Appeals) records that the matter had gone by default on account of the assessee not having pursued the matter seriously. It is apparent that the order did not take into consideration the written submissions which were filed prior thereto. The written submissions were filed on 29 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y to the earlier finding that the amount borrowed on interest had been used towards working capital. Although, this is a record of the appellant's submission before the Assessing Officer, the CIT (Appeals) has not stated that it was incorrect. 4. The Tribunal merely records that the assessee had overdrawn from the capital account and that the debit balance as on 31.03.2009 was about Rs. 2.28 cror ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lain that it really is nothing but an interest free loan. If it is an interest free loan, it would make all the difference to the assessee's case. It is not very clear whether this was so stated to the CIT (Appeals) and to the Tribunal or not. 5. In the facts and circumstance of this case, the ends of justice, however, would be met by affording the appellant an opportunity of having the matter re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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