Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
In the facts and in the circumstance of the case, the Ld.CIT(APPEAL) erred in bifurcating the interest free advance of Rs. 2.43 crores granted to M/s. Tarajyot Polymers Pvt. Ltd. partly as business advance for the part of the year and partly as non-business advance ignoring the fact that the advance was made prior to the commencement of business transactions. Secondly, there was no decline in the quantum of advance even when the business transaction with M/s. Tarajyot Polymers Pvt. Ltd. commenced. The Ld. CIT(A) was not correct in observing that the AO should verify the quantum of exclusion of consignment transaction as Ld. CIT(A) has no power to set aside u/s. 251(1)(9).
Citation :
Visura Trading & Investment (I)Ltd
Kolkata. (PAN-AAACV9060C)
(Appellant)
Vs.
Income-tax Officer, Wd-9(2)
Kolkata.
(Respondent)
ITA No. 1088 (Kol) of 2009 Assessment Year 2005-06 Income-tax Officer, Wd-9(2),Kolkata.Vs.Visura Trading & Investment (I)Ltd., Kolkata. (PAN- AAACV9060C) For the Assessee: Sri S.M. Surana For the Department:Sri B.Bhattacharya
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