2024 (12) TMI 108

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..... ion of Ld. AR is that as the Assessee had sufficient surplus funds available which is evident from the financial statements of the Assessee and the Assessee had not made any fresh investment, no disallowance can be made HELD THAT:- There are no long term borrowings and short term borrowings. Then there is no change in non-current and current Investments in the impugned AY. It is settled propositio .....

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..... peals), Delhi-6 (hereinafter referred as Ld. First Appellate Authority or in short Ld. FAA ) in Appeal No.CIT(A), Delhi-6/10494/2016-17 arising out of the appeal before it against the order dated 26.12.2016 passed u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred to as the Act ) by the ITO, Ward 17(2), New Delhi, (hereinafter referred to as the Ld. AO). 2. Heard and perused the record. .....

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..... financial statements of the Assessee and the Assessee had not made any fresh investment, no disallowance can be made. In this context we appreciate the submissions of ld. AR, while referring to the Balance Sheet at page 16 of PB, that assessee had shown share capital and reserves and surplus of Rs. 32,500,000/- and Rs. 66,607,323 respectively. There are no long term borrowings and short term borr .....

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