2015 (1) TMI 252

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....i ORDER P.C. The Appeal of the Revenue challenges the order passed on 16th May, 2012 by the Income Tax Appellate Tribunal, Mumbai Bench in Income Tax Appeal No. 4962/Mum/2005. The assessment year is 200102. 2) On the attention of Mr. Suresh Kumar, appearing for the Revenue in support of the Appeal, being invited to page 4 of the Appeal paper book, wherein the substantial questions are set out,....

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....Officer should be deleted. That was because the Assessing Officer made his own calculations for dis-allowance of interest not charged on advances to M/s. Hy Grade Pellets Ltd.(HGPL). The Assessee pointed out that M/s. HGPL is a company. The Assessee is in the business of manufacturing and sale of Hot Rolled Coils, Sheets, Plates, Hot Briquetted Iron etc. A return of income declaring total loss of ....

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.... 6) The Assessee, being aggrieved by this dis-allowance, carried the matter in Appeal before the first Appellate Authority. The first Appellate Authority allowed the Appeal partially and instead of the entire dis-allowance of Rs. 27,54,66,028/ - being deleted, upheld disallowance to the extent of Rs. 9,01,98,977/- . In other words, from the sum of Rs. 27,54,66,018/-, the dis-allowance to this ext....