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TMI Blog2019 (6) TMI 753X X X X Extracts X X X X X X X X Extracts X X X X ..... o Section 147 will not come to the rescue of the assessee. The factual findings recorded by the assessing officer and the CIT(A) could not be dislodged by the assessee before the Tribunal, which is the last forum, which can re-appreciate the factual matrix. The Tribunal, after considering the assessee s case and the materials placed before it, took out the apparent facts, the financial statements, the concept of same management and chain holding of shares and tax adjustments, agreed with the CIT(A) s findings and held that there was no reason to interfere with the order of the CIT(A). The pattern of management of the three companies was also examined by the Tribunal as well as the contention advanced by the assessee that the assessment proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt year 2010-11?" 2. We have heard Mr.A.S.Sriraman, learned counsel for the appellant assessee and Mr.Karthik Renganathan, learned Senior Standing Counsel for the respondent Revenue. 3. Before we proceed to decide the matter, the first and foremost issue to be decided is whether any substantial question of law arises for consideration. We say so because, the order of reassessment dated 20.12.2010 was affirmed by the Commissioner of Income Tax (Appeals) (hereinafter referred to as CIT(A) for brevity) vide order dated 07.03.2014, which was affirmed by the Tribunal by the impugned order dated 19.07.2016. 4. It is the preliminary objection of Mr.Karthik Renganathan, learned Senior Standing Counsel that three authorities have concurrently he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s increased to ₹ 7,60,75,680 and the investment has also increased from ₹ 4,60,75,680 to ₹ 9,53,78,909. Thus, the assessing officer held that the fresh share application money received is not sufficient to cover the entire investments and part of the investments are funded out of unsecured loans. The balance unsecured loans are fully diverted to group companies as interest free loans. The assessee had placed reliance on the decision of the Honourable Supreme Court in S.A.Builders Vs.Commissioner of Income Tax reported in 288 ITR 1. The assessing officer pointed out that the assessee has not given any such convincing reasons for granting interest free loans to its group companies, apart from a generalised statement that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh the nature of transaction and after giving full details, held that the intention of the assessee, while entering into the transactions, was to book the expenditure only. The assessee filed the appeal before the Tribunal, challenging the order passed by the CIT(A). 8. The factual findings recorded by the assessing officer and the CIT(A) could not be dislodged by the assessee before the Tribunal, which is the last forum, which can re-appreciate the factual matrix. The Tribunal, after considering the assessee's case and the materials placed before it, took out the apparent facts, the financial statements, the concept of same management and chain holding of shares and tax adjustments, agreed with the CIT(A)'s findings and held that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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