AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
2019 (7) TMI 1158
X X X X Extracts X X X X
X X X X Extracts X X X X
....M.No.32144/2019 (Exemption) 1. Allowed, subject to all just exceptions. ITA 666/2019 2. This appeal has been filed by the Revenue against the order dated 4th February, 2019 passed by the ITAT in ITA No. 6546/Del/2015 for Assessment Year 2011-12. 3. The short question urged by the Revenue is whether the Income Tax Appellate Tribunal (ITAT) erred in confirming the order of the Commission....
X X X X Extracts X X X X
X X X X Extracts X X X X
....levant time, the AO simply disallowed the above amount. This is despite the return being scrutinized under Section 143(3) of the Act. 5. The disallowance could not have been without a preceding inquiry into the claim made by the Assessee. In fact the ITAT in its order noted the submission on behalf of the Assessee that as against US $ 10 million given as loan it received US$10,01,50,000 and US$....