TMI Blog2019 (7) TMI 1972X X X X Extracts X X X X X X X X Extracts X X X X ..... hares of the demerged company. Assessee stated that the assessee could not acquire the equity shares initially because at that point of time the demerger of the said company has not yet taken place and on demerger, assessee had acquired the shares of the company, for which, he filed copies of the documents showing shareholding of the Kamineni Health Services Pvt. Ltd. We find that the documents filed before us by the assessee, as additional evidence, go to the root of the matter and in the interest of justice, we admit the same and remit the issue to the file of the AO for de-novo consideration. Needless to say that the assessee shall be given fair opportunity of hearing in the matter. Appeal of the assessee is treated as allowed for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per speciality hospital at Vijayawada and it is not a loan and it is only capital advance for procuring materials and for meeting the payments relating to the construction of hospital. Further, it was also submitted that it was decided that USAIPL would be demerged and the resultant new company called Kamineni Health Care Pvt. Td., which would be running the hospital. It was submitted that advance was given with an intention to acquire equity in the demerged company i.e. Kamineni Health Care Pvt. Ltd. 2.2 AO, however, did not accept the submissions of the assessee. He observed that the assessee is taking two different stands i.e. initially it was stated that the advance was given for the purpose of construction of a hospital and subseque ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT 288 ITR 1 (SC) and ACIT vs. Tulip Star Hotels Ltd. (2012) (SC), the facts of which are squarely applicable to the case of appellant. 5. Without prejudice to the above grounds, the learned CIT (Appeals) grossly erred in disallowing finance cost @ 12% on the advance given to United Steel Allied Industries Pvt Ltd (USAIPL) of Rs 72,04,684/-. 6. The appellant craves leave to add to, amend or modify the above ground(s) of appeal either before or at the time of hearing the appeal. 4. Before us, the ld. Counsel for the assessee filed additional evidence along with the application for admission of the same. The additional evidence is a copy of the MoU between the assessee and USAIPL and also copies of MoU and Articles of Asso ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
