9911796707
TMI Blog2021 (8) TMI 742X X X X Extracts X X X X X X X X Extracts X X X X ..... order passed by the Tribunal suffers from a mistake which is apparent from record, therefore, the same therein renders it amenable for rectification under sub-section (2) of Sec. 254 of the Act. 2. Adverting to the impugned mistake in the order, it is stated by the assessee applicant that it had vide 'Ground of appeal No. 3' assailed before the Tribunal disallowance of its claim for deduction u/s 36(1)(iii) of the Act that was sustained by the CIT(A). Referring to the facts leading to the controversy in hand, it is stated by the assessee that the A.O holding a conviction that the assessee had diverted/utilized part of its interest bearing funds for giving advances for acquiring certain immovable properties, therefore, vide his order passed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8.07.2018. Accordingly, in the backdrop of the aforesaid facts, it is the claim of the assessee that the Tribunal had erred in setting aside the issue with a direction to the assessee to establish the fact that it had sufficient interest free funds available with it to justify the capital advances/investments, loosing sight of the fact that the relevant facts qua the said issue were already there before the lower authorities. 3. The ld. Authorized Representative (for short 'A.R') for the assessee applicant took us through the facts recorded in the assessee's application that had resulted to the controversy in hand. Our attention was drawn by the ld. A.R to Page 41 of the order passed by the DRP u/s 144C(5), dated 18.07.2018, wherein the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in after referring to the facts qua the issue in question, the Tribunal had restored the matter to the file of the A.O, with a direction, to verify as to whether or not the assessee at the relevant point of time had sufficient interest free funds available with it to justify the source of the capital advances /investments that were made in the aforesaid properties. It was submitted by the ld. D.R that as the adjudication of the issue in hand undisputedly required verification of the factual position, therefore, the Tribunal in all fairness had restored the matter to the file of the A.O. Accordingly, it was submitted by the ld. D.R that as the application filed by the assessee applicant seeking recall of the order vis-à-vis the 'Groun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es in question were there before the DRP, therefore, there was no requirement for setting aside the matter to the file of the A.O. We are afraid that the aforesaid contention of the assessee suffers from certain infirmities, and thus, the same cannot be accepted. Insofar the reliance that has been placed by the assessee on the 'Chart' at Page 41 of the order passed by the DRP u/s 144C(5), dated 18.07.2018, to drive home its claim as regards availability of sufficient self-owned funds with it to justify the capital advances/investments made qua the properties in question, we find, that the same though does find a mention in the order of the DRP, however, it is only an extract of the submission of the assessee and not a fact recorded by the D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave been adjudicated. However, we are afraid that as the requisite facts that were required for adjudicating the aforesaid issue could not be gathered from the records, therefore, in all fairness and in the interest of justice the matter had been restored to the file of the A.O with specific directions. As regards the claim of the ld. A.R that the 'Chart' reflecting the availability of self-generated funds vis-à-vis borrowed funds that was furnished by the assessee before the DRP, and was reproduced in its order, ought to have been summarily acted upon and accepted by the tribunal for adjudicating the issue, we are afraid is too wide a proposition to be accepted. As the facts claimed by the assessee in the 'Chart' that was filed befo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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