TMI Blog2016 (10) TMI 251X X X X Extracts X X X X X X X X Extracts X X X X ..... ance-sheet is not very clear in this regard. The amount of about ₹ 5.38 crores is shown as against the name of M/s Garg Infrastructure Private Limited under the heading “Other Liabilities”. It is for the assessee to explain 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. 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-heard before the Tribunal.The matter is remanded to the Tribunal for a fresh decision after affording the appellant an opport ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 29.11.2012 and the order of the CIT (Appeals) is dated 13.12.2012. The assessee s authorized representative s presence has been marked in the order. It is difficult to understand why the submissions were not considered. On merits, the CIT (Appeals) observed that on the basis of the assessee s submissions reproduced by the Assessing Officer, it is apparent that the said amount mean ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shown as against the name of M/s Garg Infrastructure Private Limited under the heading Other Liabilities . It is for the assessee to explain 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-heard before the Tribunal. 6. In these circumstances, the impugned order is set aside. The matter is remanded to the Tribunal for a fresh decision after affording the appellant an opportunity of being heard. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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