TaxTMI 
TaxTMI 
TaxTMI 
2017 (5) TMI 1095
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....sment order dated 8th March, 2013 passed by the learned Assessing Officer (hereinafter called "the AO") u/s 143(3) of the Income-tax Act, 1961 (Hereinafter called "the Act"). 2. The grounds of appeal raised by the assessee in memo of appeal filed with the Income-Tax Appellate Tribunal, Mumbai (hereinafter called "the tribunal") read as under:- "1. FIRST GROUND OF APPEAL: 1.1. The Learned Commissioner of Income Tax(Appeals) has erred in confirming the addition of Rs. 5,65,566/- out of the total interest paid by the Appellant Company Rs. 18,73,834/- to the Bank on term loan and working capital on ground that arguments put before her were not made before the Assessing Officer(AO). 1.2. The Learned Commissioner of Income Tax(Appeals) h....
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....ntly the appeal could not be filed in time. The learned counsel for the assessee stated before us about the truthfulness and correctness of the affidavit dated 13-01-2017 filed by the assessee company and prayed that the delay in filing the instant appeal with tribunal may be condoned. The learned DR objected to the condonation application filed by the assessee for condoning delay of 28 days in filing this appeal before the tribunal. 4. We have considered rival contentions and perused the material on record and we are of considered view that the assessee has shown sufficient and reasonable cause in not filing of this instant appeal with tribunal in time as prescribed u/s 253(3) of 1961 Act , which cause averred by the assessee is duly supp....
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.... in accordance with law. We order accordingly. 5. The Brief facts of the case are that the assessee is engaged in the business of crew management where the entire operation of the vessel sailing from port to port is being operated by assessee on behalf of the principals. The entire crew and its provision are operated by the assessee on behalf of the principal. The AO framed an assessment u/s 143(3) of 1961 Act vide assessment order dated 08-03-2013 where-in , inter-alia, additions have been made on account of disallowance of interest to the tune of Rs. 5,65,566/- paid to the bank on term loan and working capital on the grounds that the interest free loan/advance was advanced to Director of the assessee company from interest bearing borrowe....
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....rejected the afore-stated contention of the assessee on the grounds that such arguments were not raised by the assessee before the AO and hence addition stood confirmed by the learned CIT(A) vide appellate orders dated 30-07-2015 passed by learned CIT(A). 8. Aggrieved by appellate orders dated 30-07-2015 passed by learned CIT(A), the assessee is in appeal before the tribunal. 9. The learned counsel for the assessee submitted that non consideration and rejection by learned CIT(A) of the explanations and evidences filed by the assesses in its defense before learned CIT(A on the grounds that such contentions were not raised by the assessee before the AO is clearly erroneous. It was submitted that learned CIT(A) powers are co-terminus with po....
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....lief granted by learned CIT(A) to the assessee. 10. We have considered rival contentions and perused the material on record. We have observed that the assesee is engaged in the business of crew management where the entire operation of the vessel sailing from port to port is being operated by assessee on behalf of the principals. The entire crew and its provision are operated by the assessee on behalf of the principal. The AO , inter-alia, made an additions on account of disallowance of interest to the tune of Rs. 5,65,566/- paid to the bank on term loan and working capital on the grounds that the interest free loan/advance was advanced to Director of the assessee company from interest bearing borrowed funds. The assessee claimed before the....