M/S. EVEREST INFRA ENERGY LTD.,NAHARLAGUN vs. JOINT COMMISSIONER OF INCOME TAX, RANGE - TEZPUR, TEZPUR
In the result, appeal of the assessee is dismissed
ITA 187/GTY/2018[2012-13]Status: DisposedITAT Guwahati27 Sept 2022AY 2012-13
Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 187/Gty/2018 Assessment Year: 2012-13 M/S. Everest Infra Energy Limited Joint Commissioner Of Income A- Sector, Vs Tax, Tezpur C/O Everest Engineering House Naharlagun - 791110 Pan : Aabce7178B अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Purushotam Gaggar, Fca Revenue By : Shri P.S. Thuingaleng, Acit सुनवाई क" तारीख/Date Of Hearing : 26/07/2022 घोषणा क" तारीख /Date Of Pronouncement: 27/09/2022 आदेश/O R D E R Per Dr. Manish Borad, Am : The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The Learned Commissioner Of Income Tax (Appeals) - 1, Guwahati (Hereinafter The “Ld. Cit(A)”) Dt. 27/04/2019, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act’), For Assessment Year 2012-13. 2. Brief Facts Of The Case Are That The Assessee Is A Limited Company Engaged In Construction & Installation Work. Loss Of Rs.20,84,81,814/- Declared In The Return Of Income Filed For The Assessment Year 2012-13. After The Case Being Selected For Scrutiny Under Cass & Serving Notice U/S 143(2) & 142(1) Of The Act, Various Details Were Called For & After Considering The Submissions Of The Assessee, The Ld. Assessing Officer Assessed Loss Income At Rs.13,68,94,750/- After Making Certain Disallowances/Additions. The Assessee Challenged The Addition Before The Ld. Cit(A) & Partly Succeeded & Now The Assessee Is In Appeal Before The Tribunal Raising The Sole Issue Challenging The Ld. Cit(A)’S Finding Confirming The Addition
For Appellant: Shri Purushotam Gaggar, FCAFor Respondent: Shri P.S. Thuingaleng, ACIT
Section 143(2)Section 250
264/- and so, the difference are not borrowed funds. Even the assessee has not disputed this fact that the disallowance of interest expenditure made by the Assessing Officer is on account of giving interest bearing funds as interest free advance to the following concerns:-
Name of company
Balance as on Remarks
31.03.2012
Govinda
Eastern
4,87,36,847/-
To acquire
