2018 (8) TMI 1965

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....he assessee is directed against the order passed by the learned Commissioner of Income Tax(Appeals)-15, Chennai, dated 10.02.2017 in ITA No.57/A.Y.2012-13/CIT(A)- 15/2015-16 for the assessment year 2012-13 passed U/s. 250(6) r.w.s. 143(3) of the Act. 2. The assessee has raised several grounds in its appeal however the crux of the issue is that the Ld.CIT(A) has erred in confirming the order of ....

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....ee had only earned interest income and the company had not started the operation with respect to hotel and resort business. On appeal the Ld.CIT(A) allowed interest and miscellaneous expenditure to the tune of Rs. 56,42,360/- against the interest income earned by the assessee, however disallowed the expenditure of Rs. 1,50,00,000/- being the expenditure incurred towards payment of salary to the Di....

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....he Ld.CIT(A) may be confirmed. 6. We have heard the rival submissions and carefully perused the materials on record. From the facts of the case, it is abundantly clear that during the relevant assessment year, the assessee was only engaged in the business of financial services though the main objects in the Memorandum of Association was Hotel Business. It is pertinent to mention that the ancill....