Court :
ITAT Mumbai
Brief :
This is an appeal by the assessee directed against the order of learned CIT(A) dated 30.9.2019 pertains to A.Y. 2020-11.
Citation :
I.T.A. No. 7784/Mum/2019 (Assessment Year 2010-11)
THE INCOME TAX APPELLATE TRIBUNAL
“E” Bench, Mumbai
Shri Shamim Yahya (AM) & Shri Pavankumar Gadale (JM)
I.T.A. No. 7784/Mum/2019 (Assessment Year 2010-11)
M/s. Technithon Technologies
Pvt. Ltd.
Shiv Anand-A, 373/374
S.V. Road, Goregaon-W
Mumbai-400 104.
PAN : AAACC3354J
(Appellant)
vs
ITO-9(1) (2)
5th Floor
Earnest House
Nariman Point
Mumbai-400021.
(Respondent)
Assessee by Shri Paras Savla
Department by Shri Sanjeev Kashyap
Date of Hearing 08.06.2021
Date of Pronouncement 02.08.2021
O R D E R
This is an appeal by the assessee directed against the order of learned CIT(A) dated 30.9.2019 pertains to A.Y. 2020-11.
2. At the outset learned counsel of the assessee submitted that he shall not be pressing ground No. 4 and 5. Hence ground No. 4 and 5 are dismissed as not pressed.
3. Brief facts of this issue noted by the assessing officer are that on perusal of the details filed by the AR it was noticed that the assessee has received unsecured loan from its group company M/s. Trivedi Enterprises P. Ltd. On perusal of ledger account M/s. TEPL maintained in the books of the assessee company, it was noticed that the assessee has received during the year a loan of Rs.1,05,00,000/- from the group company with closing balance at Rs. 75,00,000/-.
4.We have heard both the parties and perused the records. We note that the Hon'ble Supreme Court has not reversed its order on the issue but has referred to a Larger Bench. Further we note that as per section 251 of the Act there is no power of learned CIT(A) to remand the matter.
5.In the result, this appeal by the assessee is partly allowed for statistical purposes.
Pronounced in the open court on 2.8.2021.
Please find attached the enclosed file for the full judgement.
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