TMI Blog2021 (3) TMI 868X X X X Extracts X X X X X X X X Extracts X X X X ..... t in the equity shares of the subsidiary company or the amount invested for infusion of the capital in any other company. AO may then take a considered decision in tune with the directions given earlier with regard to disallowance of interest on loan and bank charges in accordance with the provisions of the Income Tax Act. Appeal of the assessee allowed for statistical purpose. - ITA No. 489/Del/2018 - - - Dated:- 5-3-2021 - Suchitra Kamble , Member ( J ) And Dr. B. R. R. Kumar , Member ( A ) For the Petitioner : None For the Respondents : V. K. Kataria , Sr. DR ORDER Dr. B. R. R. Kumar , Member ( A ) The present appeal has been filed by the assessee against the order of the ld. CIT(A)-2, New Delhi dated 24.10.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay (M) Sdn. Bhd (BHM) in India while it also supervised one road project (Vijayawada), awarded to it directly by Swama Tollway Private Limited (STPL). Regarding the projects of Jalandhar and Orissa, the same were originally awarded by the National Highway Authority of India (NHAI) to M/s. Bumi Hiway (M) (BHM) but subsequently M/s. Bumi Hiway (M) (BHM) sub contracted them to the appellant company. Moreover, BH1 (appellant company) held 16.8% equity shares in STPL, a consortium company specifically incorporated in executing agreement between the Government of India and the group of companies in Malaysia, to build a certain length of national highway, by way of design, build, operate and transfer and as a shareholder of STPL, the appellant was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 disallowance to 50% of ₹ 6,77,95,765/- made by the Assessing Officer. 6. Aggrieved, the assessee filed appeal before us. 7. We have gone through the order of the Co-ordinate bench of the Tribunal for the earlier years in ITA No. 5871/Del/2013 and in CO Nos. 239 240/Del/2016 wherein the matter has been referred to the file of the Assessing Officer for verification of the utilization of the loan for business purpose by taking into account the amount of the loan raised, the quantum of the own capital and the reserves surplus, utilization of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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