TMI Blog2020 (8) TMI 232X X X X Extracts X X X X X X X X Extracts X X X X ..... espect to the interest disallowance both the parties submitted and agreed with this issue also needs detailed enquiry and examination and that the AO would be the best person to carry out such exercise. On this issue also, the Ld. Authorized Representative assured the Bench that the assessee would fully cooperate in getting issue resolve before the AO. Remit issue to the AO for fresh verification, examination and adjudication as per law after giving proper opportunity to the assessee to present its case. We also direct the assessee to extend full co-operation to the AO and submit the relevant documents and details in this regard when called upon to do so - Appeal of the Department stands allowed for statistical purposes. - ITA No.2720/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icer was not satisfied with the responses received, the Assessing Officer made the addition of the entire booking amount in respect of all 447 parties aggregating to ₹ 21,70,34,294/-. 2.1 Aggrieved, the assessee approached the Ld. First Appellate Authority. The Ld. CIT (A) called for the remand report from the Assessing Officer and the Assessing Officer vide letter dated 11.02.2009 confirmed that the confirmations had been received. The grievance of the Assessing Officer was that the copies of the bank account of the applicants who had the booked the flats and paid the advances were not filed and, therefore, the confirmations could not be cross tallied. The Ld. CIT (A), after considering the explanation of the assessee as well as r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for fresh adjudication. The entire and complete material which was relied upon by the assessee was before the Tribunal. In the remand report, the AO had specifically stated that the confirmations given by the persons, who had purportedly booked the flats and the payments shown by the assessee in its account, could not be verified because of nonproduction of the bank statements of those applicants, who had booked the flats. Whether nonproduction of the bank statements of the said applicants would lead to any adverse inference, etc. is the matter which is to be judged by the Tribunal on merits. 2.4 Apart from this, the Assessing Officer had also made a disallowance of interest of ₹ 63,08,097/- and ₹ 2,23,787/- paid to Bank o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are remitted to the file of the Assessing Officer for such purpose. Both the parties submitted and agreed that the examination and the verification of the 447 parties would necessarily have to be carried out at the level of the Assessing Officer. On a query from the Bench, the Ld. Authorized Representative gave an undertaking and assured the Bench that the assessee would fully cooperate in getting the advances verified before the Assessing Officer. Similarly, with respect to the interest disallowance both the parties submitted and agreed with this issue also needs detailed enquiry and examination and that the Assessing Officer would be the best person to carry out such exercise. On this issue also, the Ld. Authorized Representative assu ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
