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TMI Blog2014 (7) TMI 304X X X X Extracts X X X X X X X X Extracts X X X X ..... d that he is maintaining mixed accounts and the AO did not examine the project wise analysis of the expenses and the investments - the finding of the AO that the interest payments relate to the investments made in the pending projects is far from reality - Decided in favour of Assessee. - I.T.A. No. 6300/M/2012 - - - Dated:- 25-6-2014 - Shri D. Karunakara Rao And Shri Sanjay Garg,JJ. For the Petitioner : Shri Ashok Patil For the Petitioner : Shri Jeevan Lal Lavidiya ORDER Per D. Karunakara Rao, AM: This appeal filed by the assessee on 15.10.2012 is against the order of the CIT (A)-23, Mumbai dated 28.8.2012 for the assessment year 2009-2010. 2. In this appeal, assessee raised the following grounds which read ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e also recognized interest income received from the debtors. In this regard, the question came up why the assessee incurred interest paid expenditure and how this particular expenditure is relatable to the said three towers, which are completed and the income is offered in the year under consideration. AO proposed to treat the said interest paid expenditure as relatable to M/s. Kamanwala Housing Construction Ltd and Kamal Real Estate housing Pvt Ltd. This finding of the AO vide para 6.4 that Therefore, it appears that the assessee hs utilized the borrowed funds for investment in other projects and has claimed the interest paid on the same as expense from the income of this particular completed project. The said finding of the AO is ambi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the expenses and the investments. In such circumstances, the finding of the AO that the impugned interest payments relate to the investments made in the pending projects is far from reality. Assessee proposed to demonstrate the same before the Assessing Officer if an opportunity is given and additional papers are admitted by the AO in the set aside proceedings. 6. On the other hand, ld DR relied orders of the Revenue Authorities. 7. We have heard both the parties and perused the orders of the Revenue Authorities as well as the relevant material placed before us. On hearing both the parties, we are of the opinion that there is no clarity as to the source of investment into the said two projects pending for completion. There is no clea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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