2018 (4) TMI 134

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....el for the appellant. Mr. Pankaj Jain, Senior Advocate with Mr. Sachin Bhardwaj, Advocate for the respondent. JUDGMENT AJAY KUMAR MITTAL, J. This order shall dispose of two appeals bearing ITA-20 and 21-2017 as according to learned counsel for the parties, similar issues arise for consideration in these appeals. For brevity, the facts are being extracted from ITA-20-2017. 2. ITA-20-....

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....) Whether on the facts and in the circumstances of the case, the Hon'ble Income Tax Appellate Tribunal, Amritsar Bench, Amritsar has erred in deleting the addition of Rs. 1,94,74,037/- on account of disallowance of interest expenditure without appreciating the finding of the CIT(A) that funds raised on interest for working capital requirements had to be raised to make up for the shortfall caus....

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....sessee filed its return of income electronically on 30.9.2011 declaring the total income at Rs. (-) 1,64,95,079/-. The case was selected for scrutiny under CASS and notice dated 28.8.2012 under Section 143(2) of the Act was issued. Subsequently, statutory notices dated 29.9.2013 and 21.11.2013 under Section 142(1) of the Act along with questionnaires were issued to the assessee followed by queries....

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....nfirmed the disallowance of interest expenditure made by the Assessing Officer and dismissed the appeal. Against the order, Annexure A-II, of the CIT(A), the assessee filed an appeal before the Tribunal, who vide order dated 24.6.2016 (Annexure A- III) allowed the appeal and deleted the additional on account of disallowance of interest expenditure. Hence, the present appeals by the revenue. 3. ....