2019 (5) TMI 2031

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dvocate For the Revenue : Ms. Ashima Neb, Sr. DR ORDER PER: N.K. BILLAIYA, AM This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals]-XI New Delhi, dated 02.01.2012 for Assessment Year 2006-07. 2. The only grievance of the assessee is that the CIT (A) erred in confirming the addition of Rs. 36,55,900/- as interest income under the head ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n support submitted a copy of the Board Resolution dated 21/11/2003. The assessee also contended that no interest should be charged on share application money given to said M/s Sweet Home Estate Pvt. Ltd. Since, it is not given as loan but represents share application money. 6. The contention of the assessee did not find any favour with the A.O who was of the firm belief that no unrelated party....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dings of the CIT(A). 9. We have carefully considered the orders of the authorities below. A perusal of the assessment orders show that the A.O made the addition as a transfer pricing adjustment being transactions entered into between associated enterprises. It seems that the A.O has re-characterized the transaction of share application money as loan. Though, this issue was not agitated before t....