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TMI Blog2013 (4) TMI 313X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A) is required to examine the issue afresh in the light of above observations. The issue is remitted back to the file of the CIT(A) for fresh consideration. Addition u/s.68 - the assessee has not furnished requisite information - Held that:- As the assessee submitted that this a running account the assessee having with M/s. Sreem Remedy Hospital and submitted that the account could be reconciled if one more opportunity is given to the assessee. Accordingly the issue remitted back to the file of the CIT(A) for fresh consideration - appeal of the assessee is partly allowed for statistical purpose. - ITA No. 955/Hyd/2012 - - - Dated:- 15-2-2013 - Shri Chandra Poojari And Shri Saktijit Dey,JJ. Sri Mohd. Afzal Smt. Mallika Arju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the tune of Rs. 5,62,23,198. The details were not available regarding principal portion and interest portion. The Assessing Officer made addition to the full extent of Rs. 5,62,23,198. Further, the Assessing Officer has observed from Schedule-III of Balance Sheet that there was a unsecured loan to the tune of Rs. 15,93,967. The Assessing Officer made addition towards this u/s. 68 of the Act. Further, there was a claim of loss on sale of assets to the tune of Rs. 81,34,259 and the same was added back to the business income of the assessee. Against this, the assessee went in appeal before the CIT(A). The CIT(A) after calling for Remand Report from the Assessing Officer, observed that the waiver of loan amount contains two portions (i) princi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unjab National Bank. Later the assessee entered into MOU for one time settlement with ARCIL and there was a waiver. The Assessing Officer considered this waiver amount at Rs. 5,62,23,198. Before the CIT(A), the assessee furnished the breakup of this amount and pleaded that total waiver amount was Rs. 265.45 lakhs and the bifurcation of amount is at Rs. 84 lakhs towards principal amount and Rs. 181.45 lakhs towards interest. The CIT(A) observed that the principal amount does not attract provisions of section 41(1) of the Act and he confirmed the addition u/s. 41(1) towards interest only at Rs. 181.45 lakhs. In this connection, we would like to refer to the judgement of the Hon'ble Supreme Court in the case of CIT v. T.V. Sundaram Iyengar S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... count the assessee having with M/s. Sreem Remedy Hospital and submitted that the account could be reconciled if one more opportunity is given to the assessee. We accede to the request of the assessee's counsel. Accordingly, we remit the issue back to the file of the CIT(A) for fresh consideration. 9. The assessee raised one more ground with regard to information furnished in the Remand Report by the Assessing Officer to the CIT(A). As we have remitted the main issue involved in this appeal to the file of the CIT(A) for fresh consideration, there is no necessity to adjudicate this ground as it becomes infructuous. 10. In the result, appeal of the assessee is partly allowed for statistical purpose. - - TaxTMI - TMITax - Income Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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