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TMI Blog2017 (2) TMI 173X X X X Extracts X X X X X X X X Extracts X X X X ..... for examination of interest free funds vis-à-vis interest bearing loans on which assessee has claimed interest. In view of these facts, we feel that this issue needs re-consideration at the level of the AO afresh. Needless to say that the AO will not get influenced by earlier assessment order or the order of the CIT(A) because both are set aside. Hence, we direct the AO to examine the evidences afresh “denovo”. Addition invoking the provisions of Section 41(1) - Held that:- The assessee first of all argued that these amounts were outstanding as on the data in his name of Jupiter Shipping Agency and moreover these payments are cleared on 10-12-2010 vide cheque No.549288 issued towards previous year opening amount adjusted against advance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO for fresh adjudication on this issue. - ITA No.41/Mum/2015 - - - Dated:- 24-11-2016 - SRI MAHAVIR SINGH, JM AND ASHWANI TANEJA, AM For The Assessee : Shri N.B. khandelwal For The Revenue : Miss. Anupama Singla ORDER PER MAHAVIR SINGH, JM: This appeal by the assessee is arising out of the order of CIT (A)-30, Mumbai in appeal No. CIT (A)-30/ACIT-Circle19(1)/IT-27/13-14 dated 09-10-2014. The Assessment was framed by ACIT Circle-19(1), Mumbai for the A.Y. 2010-11 vide order dated 28-03-2013 under section 143(3) of the Income Tax Act, 1961 (hereinafter the Act ). 2. The first issue in this appeal of assessee is against the order of CIT(A) confirming the disallowance of proportionate interest of ₹ 17,06 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the AO by observing as para 3.3.1 as under: - 3.3.1 1 have duly considered the submissions of the appellant and find that as per the appellant's own statement, interest free capital fund available was ₹ 2,30,70,739/-, while interest free loan and advances made by the firm is ₹ 2,42,80,190/-, i.e. in excess of the interest free funds available. The appellant's contention that advances of ₹ 1,10,87,000/- made to sister concern M/s. Scottish Chemical Fluxes were for developing the manufacturing and business locally with the intention to merge two businesses and thus, the advances made, to them were for business purpose and out of business expediency cannot be accepted in the light of the fact that both the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the AO for examination of interest free funds vis- -vis interest bearing loans on which assessee has claimed interest. In view of these facts, we feel that this issue needs re-consideration at the level of the AO afresh. Needless to say that the AO will not get influenced by earlier assessment order or the order of the CIT(A) because both are set aside. Hence, we direct the AO to examine the evidences afresh denovo . Accordingly, this issue is remanded back to the file of the AO and allowed for statistical purpose. 5. The next issue in this appeal of the assessee is against the order of CIT(A) confirming the addition made by the AO by invoking the provisions of Section 41(1) of the Act. For this assessee has raised following round N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xistence of the balances for the reason that this has not been claimed for several years by the above persons and lying in the books as unclaimed. Aggrieved, now assessee preferred the appeal before CIT(A). The CIT(A) deleted the addition in the name of Emco Shipping Co. amounting to ₹ 50,220/- and Mahan Insur amounting to ₹ 18,861/- but sustained the addition in the name of Jupiter Shipping Agency amounting to ₹ 2,58,041/-. Further, the CIT(A) found that three other amounts of ₹ 22,299/- in the name of Jupiter Shipping Agency, ₹ 602.13/- in the name of Jupiter Shipping Agency, and ₹ 18,861/- in the name of Jupiter Shipping agency which is also outstanding. But assessee explained that these have been set ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sales Ltd. U/s 133(6) ignoring Leger a/c copy of Appellant s books and entries in bank statement of Appellant.. 9. We have heard rival contentions and gone through the facts and circumstances of the case. The learned Counsel for the assessee before us stated that factually this statement of the AO and CIT(A) is incorrect that assessee has made payment by way of cash exceeding ₹ 20,000/- or more than 20,000/-. The learned Counsel for the assessee stated that copy of Ledger A/c of Thakkar Popatlal Velji Sales Ltd. for the period of 01-04-2009 to 31-03-2010 was never confronted to the assessee. It was also argued by the learned Counsel for the assessee that, in case, opportunity is allowed to assessee and the copy of account is co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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