2020 (9) TMI 230

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....2. Briefly stated, the facts of the case are that the assessee filed its return of income for the assessment year (AY) 2011-12 on 30.09.2011 declaring total income at Rs. Nil. Assessment u/s 143(3) was completed by the Assessing Officer (AO) on 26.02.2014 determining the income at Rs. Nil under the normal provisions and Rs. 19,80,289/- u/s 115JB of the Act. The income was assessed at Rs. 1,46,98,050/-, but the same was reduced to Nil after set off of brought forward losses. Against the assessment order passed by the AO, the assessee filed an appeal before the CIT(A), who granted relief amounting to Rs. 24,79,503/-. Thereafter, the Pr. CIT-9, Mumbai passed an order u/s 263 dated 24.09.2016, directing the AO to pass a fresh assessment order a....

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....ntertains a different view/opinion on the same set of facts. In the case on hand, as spelt out earlier in this order, and which we again reiterate, that the learned CIT has not controverted the factual aspects of the AO's finding that no disallowance of interest on loans debited by the assessee is called for thereon (ostensibly under rule 8D(2)(ii) of the Rules) since almost the entire investment was made strategically in group concerns for the purposes of the assessee's business, but proceeded beyond the show cause notice he issued to the assessee by directing inquiry to be carried out under section 57(ii) of the Act also alongwith the disallowance to be made under rule 8D(2)(ii) of the Rules. We also find that the learned CIT/learned D.R.....