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Income Tax Appellate Tribunal, MUMBAI “J” BENCH, MUMBAI
Per Pramod Kumar, VP: It is a recalled matter. Vide order dated 18th March, 2019, this appeal was disposed 1. but, subsequently on 10th September, 2020, this order was recalled for the limited purposes of disposing of ground no.2 which, due to an inadvertent mistake, had remained unadjudicated in the order dated 10th September, 2020.
The aforesaid grievance, vide ground no. 2, is as follows: 2. On the facts and circumstances of the case and in law, the Ld. DRP erred in directing to delete the addition u/s.36(2)(iii) of the Act of Rs.3,65,37,000/- when the loan was used for purpose of investment only.
Learned Representatives fairly agree that the aforesaid issue is covered, in favour of the assessee, by a co-ordinate bench’s decision dated 8th November, 2019, in assessee’s own case for the assessment year 2011-12. A copy of the said decision was placed before us.
Assessment Year: 2010-11 Page 2 of 3 4. We see no reasons to take any other view of the matter than the view so taken by the co-ordinate bench for the assessment year 2011-12. Accordingly, we uphold the order of the ld. CIT(A) on this point and decline to interfere in the matter.
Ground no. 2 is thus dismissed, and, to this extent, order dated 18th March, 2019 5. stands supplemented and modified. Pronounced in the open court on 7th day of September, 2021.