SANJONA BUILDERS,MUMBAI vs. CIT(A), DELHI

The present appeal has been preferred by the assessee against the order dated 18/11/2021 of the National Faceless Appeal Centre [hereinafter referred to as ‘CIT(A)’] passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as the ‘Act’).

The assessee in this appeal has taken the following grounds of appeal:

At the outset, the learned counsel for the assessee has submitted that certain loans shown to have been received by the assessee from certain parties were treated as bogus by the income tax authorities in the years relevant to A.Y. 2013-14 and A.Y. 2014-15. The corresponding payment of interest on such loans was also disallowed and added back. The matter relating to the genuineness of the loans transactions/ addition made by the lower authorities under section 68 of the Act is still pending before the learned Commissioner of Income-tax (Appeals) in relation to the appeals for A.Ys. 2013-14 and 2014-15. The learned counsel has submitted that the question of the allowability of interest on such loans raised in this appeal is very much dependent upon the adjudication regarding the genuineness of the loan transactions. He therefore, submits that the matter in this appeal should be remanded to the file of the learned CIT (A) to be decided along with the appeals of the assessee for A.Y. 2013-14 and 2014- 15.

The learned Departmental Representative has not objected to the same.

In the result, the appeal of the assessee is treated as allowed for statistical purposes.