GRETA INVESTMENTS PVT. LTD.,,CHENNAI vs. ITO, CORPORATE WARD - 2 (2),, CHENNAI

This appeal by the Assessee is arising out of the order of the Commissioner of Income Tax (Appeals) - 6, vide order No.ITA No.95/CIT(A)-6/2017-18; dated 29.05.2019. The assessment was framed by the Income Tax Officer, Corporate Ward – 2(2). Chennai for the Assessment Year 2015 – 2016 u/s.143(3) of the Income Tax Act, 1961 (hereinafter “the Act”), vide order dated 19.12.2017.

The Assessee has raised the following Grounds of appeal that are as under: [1] To delete the disallowance of interest u/s.36(1)(iii) to the extent attributable to loans advanced to M/s. Shriram Food Industry Private Limited; [2] To delete the addition of Rs.1,50,00,000/- u/s.68 of the Income Tax Act, 1961; [3] To delete the levy of interest u/s.234B of the Income Tax Act, 1961

Aggrieved by the action of the Assessing Officer, the Assessee preferred an appeal before the learned Commissioner of Income Tax (Appeals). However, the learned Commissioner of Income Tax (Appeals) vide order dated 29.05.2019 deleted the disallowance u/s.14A of the Act and confirmed the other additions to the extent of Rs.1,63,68,808/- being No.(i) disallowance of interest u/s.36(1)(iii) of the Act to the extent of Rs.13,68,808/- and unexplained credit u/s.68 of the Act to the extent of Rs.1,50,00,000/- and partly allowed the appeal of the Assessee. Dissatisfied with the above order of the learned Commissioner of Income Tax (Appeals), the Assessee preferred an appeal before this Tribunal.

The Assessee in this instant appeal raised almost ten grounds of appeal before us. However, at the time of hearing, the learned Authorized Representative of the Assessee outset submitted that the Assessee has filed an application dated 21.07.2022 enclosing the additional evidences in terms of Rule 29 of the Income Tax Appellate

The learned Authorized Representative further submitted before us that the above documents were not filed even before the Assessing Officer nor before the learned Commissioner of Income Tax (Appeals), as these documents were not specifically called for by the authorities below. Further, he submitted that the evidences pertaining to the uploaded information of the alleged company

On the other hand, on going through the submissions made by the learned Authorized Representative, the learned Departmental Representative

We, after hearing the rival submissions and on going through the materials available on record and also by considering the prayer as well as allow the plea made by the learned Authorized Representative for producing the additional evidence(s) before the authority below by looking into the issue(s) involved, certain new documents have been filed by the Assessee before this Tribunal which would be necessary to be examined by the Assessing Officer and in the interest of justice in being fair enough to both the parties in order to facilitate and determine the correct income of the Assessee, so as to restore all the issues raised in the instant appeal to the file of the Assessing Officer for fresh adjudication with the directions to the Assessee to furnish all necessary documents, additional evidences and details in support of its claim as and when called for and not to take any adjournment unless and otherwise required for a reasonable cause, we further direct

In the result, the appeal of the Assessee in I.T.A No.:2420/CHNY/2019 is allowed for statistical purposes.