9911796707
TMI Blog2023 (2) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee : Shri Satish Agarwal, CA Shri Dharender Kumar, CA Shri Rachit Agarwal, CA For the Department : Shri Vivek Vardhan, Sr. DR ORDER PER N. K. BILLAIYA, ACCOUNTANT MEMBER : - This appeal by the Revenue and Cross Objections by the assessee are preferred against the order of the ld. CIT(A) - 7, New Delhi dated 16.05.2018 pertaining to Assessment Year 2014-15. The appeal and the cross o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that it has provided a corporate guarantee to PNB in arrangement in 2010 and Riello agreed to provide PCI [the assessee] an interest bearing loan of Rs. 5 crores as and when required. It was explained that loan arrangement was business arrangement and outside the purview of deemed dividend. 6. In support of its submissions, the assessee furnished copy of resolutions of board meeting of Riello a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (A) and reiterated what has been stated in the assessment proceedings. 9. The ld. CIT(A), after considering the facts and submissions, found that the assessee had furnished a confirmation from M/s RPS SPA, Italy, the parent of present M/s Riello and a copy of board resolution passed by the assessee wherein the board had resolved to furnish corporate guarantee and mortgage of two properties as ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 5.00 crores. Respective limits of M/s PCI Ltd. be reduced by equivalent amount. Company to arrange NOC from Canara Bank for creating our 1st/1sl paripassu charge all the existing collaterals available in the A/c of M/s PCI Ltd and there should be on of collateral security available to the bank." The credit facilities to be guaranteed by Shri Surinder Mehta, Shri Rohan Mehta and cororate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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