2020 (10) TMI 270

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....tant Member For the Appellant : Shri. A R V Sreenivasan, JCIT For the Respondent : Shri. D. Anand, Advocate ORDER PER S. JAYARAMAN, ACCOUNTANT MEMBER : The Revenue filed this appeal against the order of Commissioner of Income Tax (Appeals)-15, Chennai, in ITA No. 198/18-19/CIT(A)-15 dated 31.05.2019 for assessment year 2016-17. 2. M/s. Sunstar Hotels and Estates Pvt. Ltd., the as....

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....13 in ITA No. 1242/Chny/2017 dated 27.08.2018, directed the AO to allow the entire expenditure claimed by the assessee. 3. Aggrieved, the Revenue filed this appeal with the following grounds of appeal: "1. The order of the Ld. CIT(A) is contrary to the law and facts of the case. 2. The Ld. CIT(A) erred in deleting the disallowance of expenditure u/s. 36(1)(iii) of the Act of R....

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....ning the nature of expenses as also the facts and circumstances of the case. 4. For these and other grounds that may be adduced at the time of hearing, it is prayed that the order of the Ld. CIT(A) be set aside and that of the Assessing Officer be restored." The Ld. DR presented the case on the above lines and argued the case. Per contra, the Ld. AR submitted that the Ld. CIT(A) fol....

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....ly 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 ancillary objects in the Memorandum of Association also permitted the assessee company to carry on the business of financial services. In the process the assessee company had deployed its fund towards earning interest income because durin....