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TMI Blog2018 (1) TMI 1296X X X X Extracts X X X X X X X X Extracts X X X X ..... f the reasons as to why the assessee did not file details of interest payments to prove his case. Therefore, in our opinion the matter should be investigated and verified further. - I.T.A./3128/Mum/2015 - - - Dated:- 3-1-2018 - Sh. Rajendra,Accountant Member And Ravish Sood, Judicial Member For The Revenue : Shri Anadi Varma-CIT-DR For The Assessee : None Order u/s. 254(1)of the Income- tax Act , 1961(Act ) PER RAJENDRA, AM Challenging the order dated 20/01/2015 of CIT(A)-2, Mumbai the Assessing Officer (A. O. ) has filed the present appeal. The assessee is a special purpose vehicle, a deemed Govt. company as per section 619 of the Companies Act. It was promoted by Consortium of banks. It was registered as NB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and placed them with the LIC of India. It was claimed that it had settled the dues by financing Ratnagiri Gas and Power P. Ltd. (RGPPL). The only source of income of the assessee was interest received from RGPPL . He observed that the assessee had received total interest of ₹ 175. 24 crores from its loans and advances as well as FDR. s, that it had claimed interest expenses of ₹ 21. 93 crores against secured loans and interest, that it had claimed administrative and operating expenses of ₹ 41. 60 lakhs for the year, that there was reassessment for AY. 2006-07 wherein the AO disallowed an amount of ₹ 9. 13 crores u/s. 43B(e). The AO, while completing the assessment for that year 2006-07, directed the assessee to furni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irst Appellate Authority(FAA)and made elaborate submissions. After considering the available material, he held that the financial data and the written submissions of the assessee prove that the interest was paid by the assessee on funded term loans, that interest was paid before the due date of filing of return of income. As per the FAA the assessee has furnished evidence in that regard. Referring to Circular No. 7 of 2006 , dated 17/07/2006 he held that the case of the assessee was covered by section 43B(d)(e) of the Act. Finally, he deleted the addition made by AO. 5. During the course of hearing before us, the DR stated that the AO had made disallowance of ₹ 33. 14 crores u/s. 43B(d) on account of payment to LIC, that he had d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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