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TMI Blog2018 (5) TMI 2061X X X X Extracts X X X X X X X X Extracts X X X X ..... n, ACIT, represented on behalf of the Revenue and Shri D.Anand, Adv., represented on behalf of the assessee. 3. Both the appeals are delayed by one day, for which, the assessees have filed Affidavits for condonation of the delay, to which, the Revenue has not raised any serious objection. Consequently, the delay of one day in filing of the appeals stand condoned and the appeals are disposed off on merits. 4. As the issues in both the appeals are identical, the appeals are being disposed off by this common order. 5. In the assessee's appeals, the assessees are raised the following grounds: 1. The order of the learned Commissioner of Income (Appeals)-3, is wrong, illegal and is opposed to law. 2. The learned CIT(A) ought to have seen t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... immediately required for the business, the assessees had given the said amounts as a loan to its sister concerns and consequently, M/s.Arohi Infrastructure Pvt. Ltd., had received an interest income to an extent of Rs. 1,06,80,100/- and M/s.Aparti Constructions Pvt. Ltd., had received an interest income to an extent of Rs. 76,01,962/-. When filing its returns, the assessees had netted off the interest received against the interest payments and had disclosed the excess/shortfall under the head income from other sources u/s.57 of the Act. In the course of the assessment, the AO had disallowed the claim of the interest expenditure on the ground that the assessees had not proved that the interest expenditure was laid out or expended wholly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the amount of the interest payment which would result in the income under the head business being loss which would automatically be available for set off against the income under the head income from other sources representing interest income earned and the net result would be the same. It was a submission that the AO may be directed to allow the assessees the benefit of the expenditure representing the interest payments on the loans taken by the assessee. 7. In reply, the Ld.DR submitted that the assessees have not represented before the Ld.CIT(A) even though adequate opportunity has been granted. It was a submission that he has no objection if the issue is restored to the file of the Ld.CIT(A) for re-adjudication as the said fact ..... X X X X Extracts X X X X X X X X Extracts X X X X
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