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TMI Blog2013 (12) TMI 638X X X X Extracts X X X X X X X X Extracts X X X X ..... gainst order dated 9.8.2011 of ld CIT(A) -27, Mumbai on following grounds:- "1. On the facts and circumstances of the case and in law, ld CIT(A) erred in deleting an amount of Rs.23,39,723/- being the disallowance of interest u/s.36(1)(iii) of the I.T.Act, 1961 debited to the profit and loss account of the assessee, without appreciation that the assessee has not established the commercial expedie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an amount of Rs.1.53 crores by way of share application money in M/s. Pankaj Extrusions Ltd.(PEL), a sister concern. Besides that assesse has also invested an amount of Rs.1 crore in acquisition of shares of M/s. Pankaj Extrusions Ltd. AO also noted that no supporting evidence was furnished to support the contention that borrowed money was utilized for the purposes of business only. Besides, asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atement furnished by the assessee, the amounts invested with PEL were out of L/C discounting money received by the assessee on which interest was paid. Ld CIT(A) has extracted the statement at page 3 of the impugned order the amount of Rs.2,41,611/- attributable to the transactions in respect of LC discounting money on which interest was paid and observed that the same cannot be allowed as relevan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the submissions of ld representatives of parties and the facts that ld CIT(A) has admitted the additional evidence de hors to Rule 46A of the I.T.Rules without affording opportunity of hearing the AO, we consider it prudent to set aside the order of the CIT (A) and restore the matter to the file of the AO with the direction that the AO will redecide the issue afresh on the basis of material as m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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