2020 (3) TMI 936

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....dent by : Sh. R. Vijayaraghavan, Advocate ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: This appeal of the Revenue is directed against the order of the Commissioner of Income Tax (Appeals) -3, Chennai, dated 30.08.2017 and pertains to assessment year 2013-14. The assessee filed the crossobjection against the very same order of the CIT(Appeals). Therefore, we heard both the appeal and the cross-....

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....s made in subsidiary companies. 3. On the contrary, Sh. R. Vijayaraghavan, the Ld.counsel for the assessee, submitted that the assessee had sufficient funds for making investments. When the assessee has invested its own funds, according to the Ld. counsel, there cannot be any disallowance. On a query from the Bench when the investments were made? Whether the assessee had sufficient surplus funds....

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....ance towards expenditure. However, the details of the date of investments in the shares and availability of funds on the date of investments are not available on record. Therefore, as submitted by the Ld.counsel for the assessee, the matter needs to be re-examined by the Assessing Officer. Accordingly, orders of both the authorities below are set aside and the entire issue of disallowance made und....