2024 (12) TMI 108

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..... , JM: This appeal is preferred by the assessee against the order dated 13.11.2019 of the Commissioner of Income Tax (Appeals), Delhi-6 (hereinafter referred as Ld. First Appellate Authority or in short Ld. 'FAA') in Appeal No.CIT(A), Delhi-6/10494/2016-17 arising out of the appeal before it against the order dated 26.12.2016 passed u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred to a .....

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..... s and foremost contention of Ld. AR is that as the Assessee had sufficient surplus funds available which is evident from the financial statements of the Assessee and the Assessee had not made any fresh investment, no disallowance can be made. In this context we appreciate the submissions of ld. AR, while referring to the Balance Sheet at page 16 of PB, that assessee had shown share capital and res .....

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