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TMI Blog2022 (4) TMI 797X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee to afford one more opportunity to substantiate its case, we are of the opinion that the assessee shall be given an opportunity to substantiate its case before the AO. In view of the above facts and circumstances, we set aside the order of the ld. CIT(A) and remit the matter back to the file of the AO to decide the issue afresh in accordance with law by affording an opportunity of being heard to the assessee to substantiate its case and the assessee is also directed to furnish complete details before the Assessing Officer for verification and deciding the issue. Appeal filed by the assessee is allowed for statistical purposes. - I.T.A. No.1641/Chny/2019 - - - Dated:- 22-3-2022 - Shri V. Durga Rao, Judicial Member And Shri G. Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me is pending for long time. 6. The Ld.CIT(A) ought to have appreciated the fact that the appellant company has made investment in the subsidiary company, M/s.Bharat Medicare Private Limited to the extent of₹ 4,85,65,006/- out of its own funds and not out of borrowed funds. 7. The Ld.CIT(A) failed to appreciate the fact that the subsidiary company is also engaged in the same line of business carried on by the appellant and the said subsidiary company has utilized the money received from the appellant for the purpose of business. Therefore there exists business expediency in the investment. 8. The appellant objects to the levy of interest u/s.234B 9. For these grounds and such other grounds that may be urged bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. In this case, the assessee has not filed any reasons for pending share capital money either before the Assessing Officer or before the ld. CIT(A). However, considering the prayer of the ld. Counsel for the assessee to afford one more opportunity to substantiate its case, we are of the opinion that the assessee shall be given an opportunity to substantiate its case before the Assessing Officer. In view of the above facts and circumstances, we set aside the order of the ld. CIT(A) and remit the matter back to the file of the Assessing Officer to decide the issue afresh in accordance with law by affording an opportunity o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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