9911796707
TMI Blog2020 (2) TMI 1684X X X X Extracts X X X X X X X X Extracts X X X X ..... ) TMI 2001 - ITAT DELHI] wherein the Tribunal has dealt and decided this issue by following the order of the Tribunal in Assessment Year 2009-10 [ 2018 (3) TMI 1575 - ITAT DELHI] wherein set aside ground of the appeal of the revenue to the file of the Ld. assessing officer with a direction to the assessee to show before him that how the about transaction of receiving loan from a firm to the assessee free of interest where a company where the assessee is director which is provided huge interest free funds to such firm is not chargeable to tax as income under section 2(24)(iv) - AO may examine the arguments of the assessee and decide the issue afresh in accordance with the law after granting assessee adequate opportunity of hearing. According ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lier years, similar issue had come up for consideration before the Tribunal, wherein the Tribunal has remanded back this issue to the file of the Assessing Officer. 3. The facts in brief are that in all the three years, Assessing Officer has noted that assessee has received advance against property from the following companies: S. No. Name of Entity/Concern Amount of advance (in Rs.) 1. M/s. Amrapali Infrastructure Pvt. Ltd. (Advance against property) 73,19,50,557/- 2. M/s. Hi tech City Developers Pvt. Ltd. (Advance against property) 4,22,21,918/- Total 77,41,72,475/- 4. The Assessing Officer held that the amount has been received by the assessee as a Director without any interest, and therefore, in terms of provision of Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the A.O. on account of benefit of perquisite under section 2(24)(iv) of the I.T. Act, 1961." The Ld. D.R. referred to the findings of the Tribunal in para 48 of the Order which reads as under : 48. (iv) In view of above findings, we set aside ground No. 3 of the appeal of the revenue to the file of the Ld. assessing officer with a direction to the assessee to show before him that how the about transaction of receiving loan from a firm to the assessee free of interest where a company where the assessee is director which is provided huge interest free funds to such firm is not chargeable to tax as income under section 2(24)(iv) of the act. The Ld. AO may examine the arguments of the assessee and decide the issue afresh in accordance with t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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