TMI Blog2017 (12) TMI 1006X X X X Extracts X X X X X X X X Extracts X X X X ..... Therefore, there cannot be any possibility of raising the claim of interest payable to M/s Intra Port India Ltd., for the A.Y 2001-02 to 2004-05 after taking over the said company. In view of the same, we are inclined to remit the issue to the file of the A.O with a direction to verify and determine as to when the company, M/s Intra Port India Ltd., was taken over by the Bagga group, after taking into consideration all evidence filed by the Assessee including the additional evidence admitted by the Tribunal and thereafter to decide the issue of allowability of interest. - 450/Hyd/2012, 710/Hyd/2006, 766/Hyd/2007 And 904/Hyd/2008 - - - Dated:- 15-12-2017 - SMT P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which are supposedly written by M/s. Ram Lakshman Marketing Agencies to M/s Intra Port India Ltd., claiming that since M/s. Intra Port India Ltd., failed to supply the beer as per the agreement, it would forfeit the deposits of the company. It also claimed various expenditure incurred by it for marketing of the product of M/s Intra Port India Ltd. The claim for forfeiture of deposits was disputed by the company, which made a counter claim that the deposits should be refunded along with interest @ 24% per annum. Neither were the deposits refunded nor was the interest actually paid to M/s Intra Port India Ltd. The A.O observed that, the assessee company was taken over by the assessee group on 17-11- 2001 and the office was shifted to Greater ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional evidence before the ITAT and the ITAT, vide para No. 93, has admitted the additional evidence, containing the balance sheet, profit and loss account and other relevant details of M/s Intra Port India Ltd. But, erroneously the Tribunal has not considered the same for the purpose of adjudication vide orders dated 03.08.2012. He has drawn our attention to various documents filed before the Tribunal to demonstrate that no person from the assessee s group was a Director of M/s Intra Port India Ltd., till 24.04.2004. He, therefore, prayed that the issue may be remanded to the file of the A.O for consideration of the issue on merits in the light of the additional evidence filed by him. 4. The Ld. DR, however opposed the remand of the matt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roup, after taking into consideration all evidence filed by the Assessee including the additional evidence admitted by the Tribunal and thereafter to decide the issue of allowability of interest. Needless to mention that the assessee shall be given fair opportunity of hearing. 6. In the result the assessee s grounds of appeal No. 4 in ITA No. 710 of 2006, ground No. 3 in ITA No. 766 of 2007 and ground No. 3 in ITA No. 904 of 2008 are treated as allowed for statistical purposes. 450/Hyd/2012: 7. This appeal is not a recalled matter but has come up for hearing in the regular course. In this appeal, the assessee is challenging both, the reopening of the assessment u/s 148 of the IT Act, and also the disallowance of interest payab ..... X X X X Extracts X X X X X X X X Extracts X X X X
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