ATTIVO ECONOMIC ZONES PVT. LTD.,KOLKATA vs. ITO WARD-11(3), KOLKATA

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ITA 2575/KOL/2019Status: DisposedITAT Kolkata13 March 2020AY 2015-162 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal set aside the matter to the CIT(A) for fresh adjudication of the case. This was done because the CIT(A) had not considered the additional ground raised by the assessee.

What were the facts?

The assessee raised an additional ground of appeal before the CIT(A) seeking deduction for interest expenses on borrowings used for earning interest income. The CIT(A) did not dispose of this additional ground on merits.

What were the issues?

Whether the CIT(A) erred by not adjudicating the additional ground of appeal raised by the assessee regarding deduction of interest expenses.

Which sections of the Income-tax Act were involved?

Section 57(iii),Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA ‘SMC’ BENCH, KOLKATA

Before: Shri J. Sudhakar Reddy]

order

: March 13th, 2020 ORDER

Per J. Sudhakar Reddy, AM:

1.

This is an appeal filed by the assessee directed against the order of the Commissioner of Income Tax (Appeals)-17, Kolkata [‘CIT(A)’ for short] dated 09.09.2019 u/s 250 of the Income Tax Act, 1961 (‘the Act’ for short) for AY 2015-16.

2.

After hearing rival contentions, I find that the assessee has raised certain additional grounds of appeal

before the ld. CIT(A). The additional ground of the appeal reads as follows: “1.0 That on the facts and in circumstances of the case and without prejudice to Ground No. 2, the A.O should have granted deduction towards corresponding interest expenses of borrowings utilized wholly and exclusively for earning interest on deposits u/s 57(iii) of the IT Act,1961. 2.0 That the appellant craves leave to add, amend, modify, rescind, supplement, or alter the Ground stated here in above, either before or at the time of hearing of this appeal."

3. This has not been disposed off by the ld. CIT(A) on merits.

4. Under these circumstances, I set aside the matter to the file of the ld. CIT(A) for de novo adjudication of the case.

Assessment Year: 2015-16 Attivo Economic Zones Pvt. Ltd. 5. In the result, the appeal of the assessee is allowed for statistical purposes. Kolkata, the 13th March, 2020.

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