TaxTMI 
TaxTMI 
2018 (3) TMI 1612
X X X X Extracts X X X X
X X X X Extracts X X X X
.... member of Thapar Group and is engaged in the manufacturing and selling of textiles, yarns, polyester chips, staple fiber, steel wire etc. It filed its return of income on 24/12/1999, declaring total loss of Rs. 93,62,86,110/-. The Assessing Officer passed the assessment order u/s 143(3) of the Act on 26/03/2002, determining total loss at Rs.(-)21,03,33,020/-. 2.1. Aggrieved, the assessee carried the matter in appeal. The ld. First Appellate Authority, granted part relief. 3. Further aggrieved, both the assessee and the revenue are in appeal before us. 4. We have heard Shri A.K. Gupta, FCA, the ld. Counsel on behalf of the assessee and Shri Goulen Hangshing, the ld. CIT, D/R, on behalf of the revenue. On careful consideration of th....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the Act. In view of the aforestated precedents, we are of the considered opinion that the view taken by the learned Commissioner of Income-tax (Appeals) requires no modification and this ground is not allowed." 5.2. Consistent with the view taken therein by the Co-ordinate Bench, we allow this ground of the assessee. 6. Ground No.2, is on the issue of liability of the claim of interest of Rs. 74,01,05,065/-. This Ground in the assessee's appeal and Ground No. 4 of the revenue appeal are identical. 6.1. The case of the assessee is that the ld. CIT(A) has erred in not giving a decision on merits. The submission is that the loans and advances were given out of the assessee's own funds and not out of borrowed funds. It is further subm....
X X X X Extracts X X X X
X X X X Extracts X X X X
....sidiaries etc. requires factual verification. The decision of the Tribunal and Hon'ble High Courts on this matter have to be followed by the Assessing Officer. The Assessing Officer should specifically consider the assessee's claim of expenditure on Payment of bill collection charges, Cheque clearance/discounting charges, Letter of credit against supplies, Interest on packing credit loan, dealers and suppliers hundi, overdue interest on raw material suppliers, sales documents, interest paid on fixed deposits and intercorporate deposits, guarantee commission, Interest paid on sales tax, Central Excise etc. 8. In view of the above discussion, Ground No.2 of the assessee and Ground No. 4 of the revenue are set aside to the file of the Asses....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nation of the documents and records. We are of the opinion that this issue is also to be set aside to the file of the Assessing Officer for fresh adjudication, in accordance with law. Normally, we would have set aside this matter to the file of the ld. First Appellate Authority has a mistake has arisen in his appellate order but as we have set aside Ground No.2, to the file of the Assessing Officer, in our view, it would be appropriate to set aside this matter also to the file of the Assessing Officer. In the result, this ground of the assessee is allowed for statistical purposes. 10. In the result, the appeal of the assessee is allowed in part. 11. Now we take up the revenue appeal in ITA No. 354/Kol/2015. 12. In this revenue appe....