9911796707
TMI Blog2021 (3) TMI 868X X X X Extracts X X X X X X X X Extracts X X X X ..... eal has been filed by the assessee against the order of the ld. CIT(A)-2, New Delhi dated 24.10.2017. 2. Following grounds have been raised by the assessee: "That on the facts and circumstances of the case and in law, the Learned Commissioner of Income Tax (Appeals) - 2, New Delhi (hereinafter referred to as the 'Ld CIT (Appeal)) erred in upholding disallowance made by the Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to our notice that the similar issue in the case of the assessee stands adjudicated for earlier assessment years 2010-11 and 2011-12. 4. The brief facts and the decision of the ld. CIT(A) are as under: The appellant company has categorically submitted that it supervised the two projects (Jalandhar and Orissa) directly undertaken by its Malaysian AE i.e. M/s. Bomi Hiway (M) Sdn. Bhd (BHM) in Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... finance the working capital requirement and investment in STPL, the appellant secured loan financing from M/s. Bank of Nova Scotia, India in 2002, The loan used for investment in STPL equity amounting to Rs. 20,67,83,000 was repaid by the appellant company in the FY 2002-03 itself. Therefore, the advances received from Bumi Hiway Ventures Berhad, Bumi Hiway (M) (SDN BHD). Bumi Hiway Mauritius L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revaluation of unsecured loan to its profit and loss account following mercantile system of accounting followed consistently and as per the AS-11 in the respective year. 5. The ld. CIT(A) held that the identical issue was involved in the case of the appellant for A.Y. 2011-12 and the CIT (Appeals)-14 vide his order in A. No. 551/14-15/I.T./Del/2015-16 dated 23.03.2016 and restricted the disallow ..... X X X X Extracts X X X X X X X X Extracts X X X X
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