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TMI Blog2021 (6) TMI 813X X X X Extracts X X X X X X X X Extracts X X X X ..... avi Devi, JM This is assessee's appeal for the A.Y. 2008-09 against the order of the CIT(A)-1, Hyderabad, dated 2.8.2017. 2. Brief facts of the case are that the assessee company filed its return of income for the A.Y. 2008-09 on 29.09.2008 declaring an income of Rs. 2,43,01,460/- u/s. 115JB of the Act and 'nil' income under the normal provisions of the I.T. Act. During the assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It was also denied that the Sheetal Trading Co. was a related party. The Assessing Officer however, was not convinced with the assessee's contentions and therefore, disallowed a sum of Rs. 3.5 lakhs u/s. 36(I)(iii) of the Act. He also made disallowance of Rs. 3.25 lakhs which was the amount claimed to have been paid by the company to the ROC for increase in share capital by holding it to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t free loans or Rs. 6,38,02,005/- while the interest free advance during the year are only Rs. 2.75 crores. 4. The net interest tree loans burrowed during the year is Rs. 4,65,54,163 and increase in share capital during the year is Rs. 94,14,600/- and the profit during the year is Rs. 2,12,03,592/-, The total interest free funds available with the company during the year under consideration is R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oans needs verification. In view of the same, we deem it fit and proper to set aside the issue to the file of the Assessing Officer for denovo consideration in accordance with law. Needless to mention that the assessee shall be given a fair opportunity of hearing. 5. In the result, assessee's appeal is treated as allowed for statistical purposes. Order pronounced in the Open Court on 17th Ju ..... X X X X Extracts X X X X X X X X Extracts X X X X
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