2021 (3) TMI 1095

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Singh, CIT DR ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by the revenue against the order of the ld. CIT(A), Kanpur dated 17.03.2016. 2. Following grounds have been raised by the revenue: "1. That the ld. CIT(A) has erred in law and on facts in deleting the addition of Rs. 12,44,02,301/- on account of disallowance of interest paid to M/s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... requirement to pay interest. c. No interest payment was allowable on acquiring a capital asset i.e. the lease rights of the land. 4. Aggrieved the assessee went into the appeal before the ld. CIT (A). The assessee took up the following grounds at point no. 9, 10, 11 and 12 of the grounds filed: "9. Because the AO has erroneously held that the interest paid to GNIDA is not all....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of interest is not an offence as contemplated as per the Explanation to Section 37(1). While deleting the addition, the ld. CIT (A) held as under: "I have carefully gone through the assessment order and written submissions filed by the assessee. I find force in the submissions and argument of the ld. AR. It may be seen from the facts of the case that the appellant could not pay the full v....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y the AO is hereby deleted." 6. Having gone through the record, it is apparent that the ld. CIT (A) has not adjudicated on the ground nos. 9 to 12 in the appeal filed before him for which the revenue filed appeal before us. The main contention of the revenue is that the addition needs to be examined broadly in the light of allowability of the interest in acquiring the lease rights on the land b....