2023 (3) TMI 1629

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....he First Appellate Authority or in short "Ld. F.A.A.") in regard to the appeal before it arising out of assessment order dated 26.12.2017 u/s 143(3) of I.T. Act, 1961 (hereinafter referred to as "the Act") passed by DCIT, Circle-11(1), New Delhi (hereinafter referred as Ld. Assessing officer or in short Ld. AO). 2. Heard and perused the record. 3. The return of the assessee was selected for scrutiny and the Ld. AO had made a disallowance u/s. 14A and made additions of deemed dividend u/s 2(22)(e) of the Act. Ld. CIT(A) had deleted the addition u/s 14A, however, sustained the addition u/s 2(22)(e) of the Act with following relevant findings :- "6.3 I have examined the finding of the AO and submission of the Ld. AR. I have also....

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....nt who knows about the true state of affairs of his business. He is the one who knows the truthfulness of his claim and the appellant could not have made the offer to the Assessing Officer without the knowledge. Therefore to my mind once an amount has been surrendered before Assessing Officer it closes the chapter on that issue. The Assessing Officer then shifts his focus from the issue and concentrate on other issues. After agreeing for disallowance before Assessing Officer and then raising the same ground in appeal is to my mind is very unfair. Therefore, in the light of unambiguous offer before Assessing Officer and in view of express provision of Section 2(22)(e) of the Act, to my mind the appellant has precluded any scope for relief be....

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....oan of Rs. 15 lac was availed by assessee from M/s. Shaka Properties Pvt. Ltd where the assessee company is substantial share holder. Loan carries interest @10% PA. The total interest against loan was Rs. 8,31,699/-. After deducting TDS of Rs. 81,370/- the net interest amounting to Rs. 7,32,329/- was paid to M/s. Shaka Properties Pvt. Ltd through banking channel. 7. The bench is of considered opinion that there is settled proposition of law in favour of the assessee against which, if the assessee has made any admission of fact or law, then same cannot be considered to be conclusive admission on the principle that there is no estoppel against law and statute. The ld CIT(A) has not gone into the merits of the legal claim of the assessee an....