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TMI Blog2019 (4) TMI 1980X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. Disallowance of finance cost - HELD THAT:- We find force in assessee argument that as per loan agreement, the assessee is liable to pay interest @ 14.25% for the loan obtained from M/s. Great Meera Finlease Pvt. Ltd. and paid interest and moreover, the assessee has deducted TDS. We direct the Assessing Officer to verify bank account of the assessee as well as accounts of M/s. Great Meera Finlease Pvt. Ltd., loan agreement, etc. and decide the issue on merits. Disallowance of other expenses - HELD THAT:- As assessee has submitted that the claim includes vessel handling expenses and the balance pertaining to various expenses such as travelling conveyances, labour charges, secretarial expenses, postage and courier, etc. - H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... copy of bank account, proof for expenses claimed in the profit and loss account, break up for short term borrowings and short term advances made, exchange rate differences claimed, break up details for finance cost and details for vessel handing expenses, etc. Thus, with the available information filed along with the return of income, the Assessing Officer completed the assessment under section 144 of the Income Tax Act, 1961 [ Act in short] by making various additions. 3. The assessee carried the matter in appeal before the ld. CIT(A). The assessee has not filed any details against its claim for consideration of the ld. CIT(A). However, after obtaining remand report from the Assessing Officer, while giving part relief with regard to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... confirmed the credit balance as on 31.03.2012 to the creditor M/s. Great Meera Finlease Pvt. Ltd. By filing copy of the bank statement of the assessee for the period from 01.04.2011 to 31.03.2012, the ld. Counsel for the assessee prayed for deleting the addition made towards short term borrowings. Since the assessee has not furnished the bank statements and supporting evidence, the Assessing Officer treated the same as unexplained credit and brought to tax under section 68 of the Act. Thus, we remit the matter back to the file of the Assessing Officer to examine the details as furnished before the Tribunal and decide the issue in accordance with law by affording an opportunity of being heard to the assessee. 7. With regard to the disall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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