9911796707
TMI Blog2022 (6) TMI 185X X X X Extracts X X X X X X X X Extracts X X X X ..... t the order of assessment passed u/s. 143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 24/12/2016 & 31/03/2016 respectively by the ld. Asst. Commissioner of Income Tax, Circle-22(3), Mumbai (hereinafter referred to as ld. AO). ITA No. 6506/Mum/2019 (A.Y. 2010-11) 2. At the outset, we find that Revenue has challenged the loan addition made u/s. 68 of the Act for the A.Y. 2010-11 in the sum of Rs. 3,31,00,000/- together with proportionate disallowance of interest of Rs. 24,57,973/- before us. 3. We have heard rival submissions and perused the materials available on record. We find that the ld. AO had made an addition of Rs. 3,31,00,000/- towards loans u/s. 68 of the Act and made disallowance of interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he decision of Hon'ble Madras High Court in the case of B Jayalakshmi vs ACIT reported in 258 Taxman 318 (Mad), wherein it was held that where the Commissioner (Appeals) on the basis of remand report of Assessing Officer allowed the claim of the assessee, revenue was not entitled to maintain an appeal before the Tribunal against said order of Commissioner (Appeals). The ld. AR before us argued that if the remand report of the ld. AO is considered, then the tax effect of the amounts disputed by the Revenue before this Tribunal would fall within the monetary limit prescribed by CBDT for filing of appeal by the Revenue before this Tribunal. We have gone through the said pages 34-41 of the order of the ld. CIT(A) and are convinced that if t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made u/s. 68 of the Act on merits and deleted the disallowance of interest paid on such loans on merits. These factual findings recorded by the ld. CIT(A) were not controverted by the Revenue before us. Hence, we do not find any infirmity in the order of the ld. CIT(A) granting relief to the assessee even on merits. Accordingly, the appeal of the Revenue is dismissed. ITA No. 6509/Mum/2019 (A.Y. 2013-14) 5. We find that a letter was filed from the ld. AO confirming the fact that the case squarely falls within the ambit of low tax effect as the total addition made by the ld. AO in the assessment itself is only Rs. 70,15,014. Even though we find that in the grounds of appeal raised by the Revenue, a higher figure has been mentioned, the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
