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TMI Blog2018 (1) TMI 1296X X X X Extracts X X X X X X X X Extracts X X X X ..... he business of settlement of claims of off-shore stakeholders of Dabhol Power Company, it filed its return of income on 24/09/2010 declaring total Loss at Rs. 7. 57 Lakhs. The AO completed the assessment , on 30/03/2013, u/s. 143(3) of the Act, determining its income at Rs. 35. 99 crores. 2. As per the records, on 04/10/2017 the matter was adjourned to a next day. The Authorised Representative(AR)of the assessee was directed to furnish the details of interest payment. When the AR did not appear before the Bench, the Bench directed that necessary details of payment had to be filed positively on the next date of hearing. The matter was accordingly adjourned to 08/11/2017. Earlier, this matter was adjourned twice, on 23. 01. 2017 and 26. 04. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by a bank statement duly highlighting the transactions. He also directed assessee to explain as to why the same should not be disallowed u/s. 43B(e) r. w. Explanation 3D to the said section, as the amount in question was not actually paid within the prescribed time limit. After examining the available material, the AO held that what was claimed to be payment of interest on loan was payment of restructured loan, that the assessee had not paid interest on loan, that the interest was converted into loan . Considering the above facts of the AY. 2006-07, the AO directed the assessee to furnish the details of the interest payments and to explain as to why similar disallowance should not be made for the year under consideration also. As per the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , that he had held that no interest liability existed which was discharged by the assessee for the year under consideration, that it was payment of restructured loan, that there was no separate recognition of the principal loan amount and interest liability in the balance sheet, that the FAA had allowed the appeal of the assessee. As stated earlier none appeared on behalf of the assessee. 6. We find that the Tribunal had directed the assessee to file details of interest payment to decide the issue. But till the passing of this order, the assessee has not filed any detail that could prove that the stand taken by the AO was factually incorrect. We do not know how the FAA arrived at the conclusion, that the payment made by the assessee under ..... X X X X Extracts X X X X X X X X Extracts X X X X
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