2017 (11) TMI 2063

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....ngh ORDER PER Dr. B.R.R. KUMAR, A.M. : This appeal has been filed by the Assessee against the order of Commissioner of Income Tax (Appeals)-1, Chandigarh, dated 26/04/2017. 2. The Assessee has raised the following grounds of appeal: "1. That the order passed under section 250(6) of the Income Tax Act, 1961 by the Learned Commissioner of Income Tax (Appeals)-I Chandigarh in App....

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....ess purposes as under:- "4. It has also been observed from the balance sheet that the assessee- company had made the advances to Zeal Exim Pvt. Ltd. and Teji Brar Financial Service Pvt. Ltd. These advances were not given for business purposes and there is no commercial expediency. The assessee was confronted on this issue. 4.1 No satisfactory reply could be furnished by the asses....

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....ds that the assessee has not been able to explain the business expediency of giving the advances. 5. Before us the Ld. AR submitted that the amounts were given for business purpose as investments. The similar issue of advances to the same companies was dealt by the Revenue for the AY 2011-12 wherein the disallowance made on account of interest under section 36(1)(iii) was deleted. He further su....