TaxTMI 
TaxTMI 
2018 (4) TMI 519
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....i) of the Income Tax Act, 1961. 3. That the appellant craves leave to reserve to itself the right to add, alter and / or vary any ground(s) at or before the time of hearing. 2. The brief facts of the case are that Assessee company filed its e-return of income for the AY 2012-13 on 28.9.2012. The return was revised on 26.3.2014 declaring business loss of Rs. 22,97,817/- after setting off brought forward loss of Rs. 72,45,933/- under normal provision of income tax and long term capital loss of Rs. 19,760/-. The assessee has paid income tax on the income declared under section 115JB amounting to Rs. 47,57,103/-. The return was processed under section 143(1) of the Income Tax Act, 1961. The case of the assessee was selected for scrutiny un....
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....2017 has partly allowed the appeal of the assessee and upheld the addition in dispute. 4. Aggrieved with the aforesaid order, the Assessee is in appeal before the Tribunal. 5. At the time of hearing, Ld. Counsel of the assessee has reiterated the submissions made before the Ld. CIT(A) and stated that in earlier years similar on similar and identical facts and circumstances, n the additions were made and such notional interest was added in those years were deleted by the Ld. CIT(A) in AY 2010-11 & 2011-12. Hence, he requested by following the Ld. CIT(A) orders in aforesaid earlier years, the addition in dispute may be deleted and appeal of the assessee may be allowed. 6. On the contrary, Ld. DR relied upon the orders of the authorities be....
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....advances from related parties. The company has to pay interest to Rasandik Engineering Industries India Ltd. for affect that this company is a public limited company and it cannot be given interest free loan / advance to Ganesha Securities Pvt. Ltd. Rasandik Auto Components Pvt. Ltd. is a subsidiary of Rasandik Engineering Industries Ltd. and therefore, the same condition as mentioned above applies in this case as well. We further note that in earlier years similar additions were made and such notional interest as was added in those years were deleted by the Ld. CIT(A) in respect of assessment years 2010-11 and 2011-12. We find considerable cogency in the contention of the Ld. AR that the fact situation remains the same as in earlier years ....