Income Tax Appellate Tribunal - Chandigarh
Haryana State Roads & Bridges ... vs Addl. Cit,, Panchkula on 21 December, 2017
IN THE INCOME TAX APPELLATE TRIBUNAL
DIVISION BENCH 'A', CHANDIGARH
BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER
AND MS.ANNAPURNA GUPTA, ACCOUNTANT MEMBER
ITA No.84/Chd/2010
(Assessment Year : 2006-07)
Haryana State Roads & Bridges Vs. Addl.CIT,
Development Corporation Limited, Range Panchkula.
Bay No.13-14, Sector - 2, Panchkula.
P A N : AAACH9435
(Appellant) (Respondent)
Appellant by : Shri Harry Rikhy
Respondent by : Shri G.K. Dhall, CIT DR
Date of hearing : 25.09.2017
Date of Pronouncement : 21.12.2017
ORDER
PER ANNAPURNA GUPTA, A.M.:
Th i s a p p e a l h a s b e e n p r e f er r e d by t h e a s s es s e e ag a i n st the order of Ld . C o m m i s si o n er of Income Ta x ( A p p e a l s) , P a n c h k u l a [ h e rei n a f t e r r e f e rr e d t o a s ' CI T( A p p e al s ) ' ] da t e d 2 . 1 1 . 2 0 0 9 r e l a ti n g t o a s se s s m e nt y e a r 2 0 06 - 0 7 .
2. Th i s a p p e a l h a s b e e n f i x e d b ef or e u s i n p u r s uan c e t o t h e d i r e ct i o n of t h e H o n ' bl e P u n ja b & H a r ya n a Hi g h C o u r t to r e c o n si d e r the issue of d i s a l l o w an c e of interest e x p e n d i t ur e i n th e l i g h t of a d d i ti o n a l e v i d en c e s f il e d b y t h e a s s e s s e e b e f or e t h e H o n ' b l e H i gh C o u r t v i d e t h ei r o r d e r i n I TA N o . 8 o f 2 013 , d a t e d 1 4 - 0 9 -20 1 5 .
3. B r i e f f a c ts l e a d i n g t o t h e a f o re sa i d d i r e c ti o n a r e t h a t t h e a s s es s e e h a s f i l e d r e t u rn f o r t h e i m p u g n e d as s e s s m e n t year d e cl a r i n g loss of R s . 28 , 6 2 , 4 8 , 53 1 / - su b s e q u e n t l y r e v i s e d r e t u rn wa s f i l ed d ec l a r i ng l o s s o f R s . 2 9 ,23 , 1 8 , 8 2 8 /- 2 Th e r e a f t e r n o t i ce u / s 1 4 3 ( 2 ) o f t h e A c t w a s i s su e d t o t h e assessee f o l l o we d by notice u/s 142(1) of the Act, accompanied with detailed q u e s t i o n na i r e . Ld. A.O. t h e r e a f t er f r am ed a s s e s sm e n t re d u c i n g the net loss of R s . 1 3 , 1 5 ,6 7 , 4 2 10 / - by i n c l u di n g i n t e r e st income of R s . 8 6 , 4 0 ,7 7 0 / - on a c c o u n t o f P a rd h a n M a n t r i G r am i n S a r a k Y o j n a ( PM G S Y ) to t h e i n c o m e a nd d i s a l l o w e d e x pe n d i t u r e o f R s . 8 0 , 5 2 7/ - . Th e A . O . h a d a l so d i r e c t e d c a p i ta l i z a t i o n o f interest of Rs. 1 4 , 7 9 , 2 3, 3 2 2 / -, while disallowing the e x p e n d i t ur e to the said e x t en t . Feeling a ggr i e v e d the a s s e s s e e fi l e d an a p p e a l b ef o r e t h e CI T( ( A ) , w ho v i d e h i s order dated 02 - 1 1 - 2 0 0 9 p a rti a l l y a l l o w ed the appeal d e l e t i n g t h e a dd i t i o n of R s .8 6 ,4 0 , 7 7 0 / - on a cc o u n t of i n t e r e s t i n c o m e o n P M G S Y . Th e C TI ( A ) a l so d i re c t e d the A . O . t o v e r i f y a s t o w h e t h e r TD S h a d n o t b e e n d e d u c t e d o f R s . 6 3 , 4 3 7/ - a n d n o t R s . 8 0 , 5 2 7 / -. Th e a s s e s s e e f i l e d f u r t h er a p p e a l b e f or e t he I TA T w h o v i d e t h e i r o r d e r d ate d 1 7 - 0 2 - 2 0 1 2 d i sm i s s e d t h e a p p e al u p hol d i n g t he o r d er o f CI T( A ) . A g g r i e v e d b y th e s a m e t he a s s ess e e f i l ed a n ap pe a l b e f or e the H o n ' b l e H i gh Court c h a l l e ng i n g the d i sa l l o w a n c e of i n t e r e s t e x p e n ses a m o u n t i n g t o R s . 1 4 , 7 9 ,2 3 , 3 2 2/ - c l a i m ed as r e v en u e by the as s e s s ee and t r ea t e d to be c ap i t a l e x p e n d i t ur e b y th e a u t h o ri t y b el o w .
4. D u r i n g t h e p e nd e n c y o f t h e a pp e a l b e f o r e t he H i g h C o u r t t h e a s s e sse e f i l e d a n a p p l i c a t i o n u n d e r O r de r 4 1 R u l e 2 7 r . w . s . 15 1 o f t h e C P C f o r l e a di n g a d d i t i o n a l e vi d e n c e f o r i n t h e s ha p e o f do c u m e n t s :
3
1 . O r d e r d a t e d 2 2 - 1 0 - 2 0 14 , O r de r u / s 2 5 0( 6 ) of t he A c t p a s s ed b y the CI T( A ) , P a n c hku l a 2 . C e r ti f i c at e r eg a r d i n g o w n e rs hi p o f r e c o rd s of P W D ( B & R ) i n t h e st a te o f H a r y a n a 3 . L o a n a g r e em en t o f t h e as s e s se e w i t h t h e H a r y a n a U r b a n D e ve l o p me n t C o r p or a t i o n L t d . ( H UD C O ) , N e w Delhi.
4 . M e m or a n d u m o f A s s o ci a t i o n of t h e a s se s s e e .
5. Th e a s s e s s e e s u b m i t t e d t o t h e Hi g h C o u r t t h a t th e i t s m a i n o b j e ct , a c co r d i n g t o i t ' s MO A , w a s t o er e ct , d e v e l o p, improve, c o n st ru c t , repair, e x pr e s s w a y , h i g hw a y s roads, p a r k s , s t r e e ts a n d b r i d g e s e t c . on b e h a l f o f H a r ya n a P u b l i c W o r k s D e pa r t m en t o n B u i l d - o p era t e a n d Tr a n s f e r ( B O T) o r B u i l d o wn o p e ra t e a n d t r a n s fer ( B O O T) o r B ui l d o p e ra t e l e a s e an d t ra n s fe r ( B O L T) ba s i s o r a n y o t h e r S ch e m e i n a manner which would fa c i l i t a t e to un d e r t ak e the a b ov e m e n t i o n e d w o r ks a n d t hu s c r eat i o n o f a s s e t s wa s n o t i t s p r i n c i p l e o b j e c ti v e . Th e a s s e s s e e c o n t e n d e d th a t t h e o r d e r o f t h e H o n ' bl e CI T( A ) Pu n c h k u l a w a s n o t i n e x i s te n c e w hen t h e a p p e a l w a s ad j u d i c a t ed b y t he Tr i b u n a l a n d th e r e f o r e , i t c o u l d no t b e p r od u c e d . A s f or t he l o a n a g r e em e nt a n d M OA t h e a s s e s se e s u bm i t t e d t ha t e a r l i e r i t c o u l d n o t be p r o d u c e d b o n a f i d e l y . I t wa s a l s o s u bm i t te d t h a t a l l t h e a f o r e sa i d documents w er e e i t h e r p u b l i c d o c u m e n t s o r go v e r n m e n t r e c o r d s a n d t h us t h e i r a u t he n t i c i t y , ge n u i n en e ss w a s n o t q u e s t i o n ab l e an d n e e d e d n o p r o o f u n d e r t h e p r o v i s i o n o f t he I n di a n E v i d e n ce A c t , 1 8 7 2 t o e s p o u s e t h e c l ai m o f t h e a s s e s s e e . I t w a s t h e r e f or e re q u es t e d t h at t h e a ss e s s e e be p e r m i t t e d t o p rod u c e t h e a d d i t i on a l e v i d en c e s .4
6. Th e Hon'ble High C o ur t a ft e r c o n si d e r i ng the a s s e e s s e es c o nte n t i o n s , a l l o w ed the a d m i s si on of th e a d d i t i o n al e v i den c e s a n d s e t as i d e t h e i s s u e ra i s e d b e f o re t h e H i g h C o ur t to t h e Tr i b u n a l fo r r e - c o n s i d e r i ng i t i n t h e l i g h t o f t h e a dd l . E v i d e n c es f i l ed h o l d i n g as u n d er:
" 6 . Af te r g iv i n g o u r th o u g h tf u l c on s id e r at io n to th e s u b mi s s i o n s mad e b y b o th th e l e ar n e d c o u ns e l f or th e p ar t ie s , we f in d th a t ap p l ic a ti o n f o r l e ad in g ad d i t i o n al e v id e n c e d e s er v e s to b e al l o we d , in a s mu c h as , al l th e d o c u me n ts ( A n n e x u r e A - 1 to A - 4 ) s o u g h t to b e p r o d u c e d b y wa y o f ad d i t i o n al e v id e n c e ar e p u b l ic d o c u me n ts i. e . o r d e r p as s e d b y th e C IT ( A) , P an c h k u l a, c o p y o f o wn e r c e r tif ic ate i s s u e d b y P W D ( B & R ) , H ar y an a, l o an ag r e e me n t an d me mo r an d u m o f as s o c i a t io n . H e n c e th e au th e n t i c i ty an d g e n u in e n e s s o f th e d o c u me n ts c an n o t b e s a i d to b e d o u b tf u l . A c c o r d in g l y, th e p r e s e n t ap p l ic a t i o n f o r l e ad in g ad d i ti o n al e v id e n c e i s al l o we d .
A c c o r d in g l y, i n v i e w o f al l o wi n g f o r ap p l ic a t i o n f o r ad d i t i o n al e v id e n c e , in o u r o p in i o n , i t wo u l d b e ap p r o p r i ate th at th e p o in ts r a is e d in th is ap p e a l ar e l i ab l e to b e r e - c o n s id e r e d b y th e T r ib u n al i n th e l ig h t o f th e ad d i t i o n al e v id e n c e s o u g h t to b e p r o d u c e d b y th e ap p e l l an t an d th e n to p as s a f res h s p e ak in g o r d e r in ac c o r d an c e wi th l a w. "
7 . C o m i n g t o t h e i s s u e i n a p p e a l b e i n g t r e a t me n t o f i n t e r e st e x p e n d i t ur e a m ou n t i n g t o R s . 1 4, 7 9 , 2 3 , 3 22 / - as capital as a g a i n s t re v e n u e t r e a t e d by t h e as s e s s e e , br i e f fa ct s r e l e v an t t o t h e i s s u e ar e t h a t d ur i n g th e i m p u g n e d a s s e s sm e n t y e a r t h e a s s e s s e e h ad c l a i m e d f i n a n ci a l e x p e n s e s t o th e t u n e o f R s . 1 4 , 7 9 ,2 3 , 3 2 2/ - o n a c c ou n t o f i n t er e s t o n HU D C O l oan f o r t w o p r o j ec t s n a m e l y MD R / OD R -I an d M DR O D R -I I . Th e A.O. o b s e r ve d that the a s se s s s e e had ma d e capital i n v e s t m e nt o f Rs . 2 0 6 . 2 8 Cr o r e o n t h e s e t wo p ro j e c t s u p to s 3 1 - 0 3 - 2 00 6 , ho w e v e r th e a se s s s e e ha d n ot c l a i m ed d e p r e c i a ti o n o n s u c h p r o j ec t s o n t h e g r o u nd t h a t t o l l p o i nts 5 h a d n o t b e e n n o t i f i e d o n t h e s a i d h i g h w a y s . C o ns e q u e n t l y the Ld. A.O. held t h at such p r o j e c ts had not b e en c o m m i s s i on e d o r p u t t o u se d u r i n g t h e y e ar u n d er r e f e r e nce a n d t h e re f o r e t re a t e d t he i n te r es t e x p e ns e s as c a p i t a l i n n a t u r e . B e fo r e t h e L d . CI T( A ) th e a s s es s e e c o n te n d e d th at t h e a m o u nt h a d n o t b e en b o r ro w e d f o r a c q u i si t i o n o f any a s s e t b ut f o r t he r e p a i r o f e x i s ti n g a s s et s . Th e L d . CI T( A ) d i s m i s s e d t h e a pp e a l h o l di n g t h at t h e r e w a s n o me r i t i n t he a s s e s s e e 's c o n ten t i o n t ha t t he e x p e n s e s r e l a ted only to m o d i f i c at i o n o f e x i s t i n g a s se t s , s i n c e n o e x i s t i ng ro a d s w e r e i n c l u d e d a s p a rt o f a s s e t s i n t h e b a l a n c e s h ee t o f t he a s s e s s e e bu t i n fa c t c a p i t al i n v e st m e n t o f R s. 2 0 6. 2 8 C r o r e s h a d b e e n m a d e i n t h e p r o j e c t w h i c h s h o w e d t h a t n e w a s s e ts h a d b e e n c r e a te d b y t h e a s s e s s e e. L d . C I T( A ) h e l d t h a t s i n c e t h e a s s e s se e h ad n o t c l a i m e d de p r e c i a t i o n o n th e r o a d on t h e g r o un d t h at t o l l po i n t s h a d n o t b ee n n o ti f i e d , c l e ar l y t h e a s s e t s ha d n o t b e e n p u t t o u s e a n d h e n ce th e i n t e r e st w a s l i a bl e t o b e a d d e d t o t h e co s t o f th e a s se t a s p e r t h e p r o v i s o t o s e c t i o n 3 6 ( 1 ) ( i i i ) o f t h e A c t . A g gr i e ve d b y t h i s o r d e r o f t h e L d. C I T( A ) th e a s s es se e i s i n a p p e a l be f o r e u s .
8. B e f o r e u s L d . C ou n s e l f o r t h e a s se s s e e , r e f e rr i n g to t h e a d d i t i o n al e v i den c e s f i l ed b e f or e t h e H i g h C o u r t s t a t e d t ha t t h e s a i d e v i d en ce s c l e a r l y p o i n t ed t o t h e f a c t o f r e n o v a t i on of the e x i s t i ng roads un d e r t ak e n by th e a ss e s s e e by u t i l i z i ng t h e i m pu g n e d l o an s .
• C o p y o f l o a n a g re e m e n t d at e d 1 0- 1 0 - 2 0 0 1 w i t h HU D CO p l a c e d i n t he p ap e r b o o k a t p age n o . 3 4 s h o w i ng t h a t the l o an had been s a n c t i o ne d for i m p r ov em e n t / 6 upgrading of MD R and O DR in H a r y a n a, P ha s e - 1 ( S c h e m e No . 1 6 9 82 ) .
• D e t a i l o f t h e r o ad s t o b e i mp r o v ed b y u t i l i z i n g t he s a i d l o a n s , f o r mi n g p a r t o f t h e l o a n a g r e e m e n t p l ace d a t PB-46.
• C o p y o f l o a n a g re e m e n t w i t h H UD C O d a t e d 1 5 - 10 - 2 0 01 m e n t i o n i ng the scheme n a me as i m p r o v em e n t/ u p g r a d i n g o f MD R a n d OD R i n H a r y a n a, P h as e - 2, w h i c h w as p l ac ed a t p a pe r b oo k p a g e No . 4 7 ( S ch e m e No.17035).
• C e r t i f i ca t e i s s u ed b y t h e E x e c u t i v e E n g i n e e r , H a r y a n a Public Wo r k s (B&R) D ep a r t m en t l i s ti n g t he major d i s t r i c t ro a d s i n H a r y a n a , o wn e rs h i p o f w h i ch re s t e d w i t h t h e P W D ( B& R ) H a r ya n a pl ac e d a t P B 6 2 -6 3 i n t h e paper book. L d . c o u n s e l f o r a s se s s e e p o i n t e d o ut t h a t t h e l i s t i n c l u d ed r o a d s f o r t h e i m p r o v e m e nt o f w h i c h loans had been taken f r om HU D C O vide b o th the a g r e e m e n ts .
• C e r t i f i ca t e i s s u ed b y t h e E x e c u ti v e D i r e c t or H a r y a n a S t a t e a n d R o a ds b r i d g e s, H a r ya n a s t a t e c o r p or a t i on s t a t i n g th a t r oad s c o v e r ed i n th e s c h e m e f o r w h i c h loan was taken from H U DC O (Scheme No . 1 6 98 2 & 1 7 0 3 5 ) , w er e e x i s t i n g r o a ds a l r ea d y i n u s e b y tr a f f i c a n d w e r e i m p r ov e d b y t a ki n g l o a n f r o m HU D CO a n d that the wo r k o f i m p r o ve m e n t o n t h e s e ro a ds was c o m p l e t e d i n t h e F . Y . 2 0 0 5 - 0 6 , pl a c e d a t P B 6 4 of t h e p a p e r b o ok .
9. Th e r e a f t e r L d . C ou n s e l f o r t h e a ss e s s e e s t a t ed t h a t i n A . Y . 2 0 0 5 - 0 6 a l s o i d e n t i c a l i nt er e s t e x p e n d i t u r e h a d b e e n c a p i t a l i ze d b y t h e A . O . f o r i d e n t i c a l r e a s o ns , w h i c h w as deleted both by the CI T( A ) a nd I TA T, after ta k i n g i nt o c o n s i d e r at i o n i de n t i c a l do c u m e nt s f i l e d be f o r e th e m . C o p y 7 o f b o t h t h e a u th o r i t i e s o r de r s fo r t h e A . Y . 2 0 05 - 0 6 w e r e p l a c e d b ef o r e us .
10. L d . D R o n t h e oth e r h a n d r e l i e d u p o n t h e o r de r of t h e C I T( A ) .
11. W e h a v e h e a r d th e c o n t e n t i o n o f t h e b o t h t h e pa r t i e s a n d g o n e t h r o u gh a l l t he d o c u me n t s a n d o r d e r s t o w h i ch o u r a t t e nt i o n wa s d r a w n . O n go i n g t h r o ug h t he o r d e r o f I TA T i n t h e c a s e o f t h e a s s e e s s e f o r A . Y . 2 0 0 5 - 06 , w e f i nd t h a t i n t h e s a i d c a s e a l s o i n te r e s t o n l o a n ta k e n f r o m H U D C O h a d be en h e l d t o b e cap i t a l i n n at u r e , s i n c e t h e r o a d s h a d b e e n fo u n d t o b e n o t p u t t o u s e a s t h e t o l l p o i n t s h a d n o t b e e n set u p . B ef o r e th e L d . CI T( A ) , in the said a s s e s s m e nt y e a r, t h e a s s es s e e h a d f i l e d c e r t i fi c a t e s f r om t h e e n g i n e er - i n -c h i e f f r o m H ar ya n a P W D , w h i ch c l a r i f i e d t h a t t h e r o a d s i n t h e a f o r e m e nt i o n e d s c h e m es f o r w h i c h l o a n s w er e t a ke n f r o m H UD C O wer e e x i s ti n g r oa d s a n d w e re i n u s e b y t r a f fi c a n d t h a t l o a n w a s t a ke n fr o m H U D C O f o r their i m p r o v eme n t . F ur t h e r loan a g re e m e n t executed b e t w e e n t h e as se s s e e e a n d H UD C O w a s a l s o fi l e d w h i ch s h o w e d t h a t t he l o a n a g r e e me n t w a s f o r t h e i m p ro v e m e n t of state hi g h w a ys in t he l oa n ag r e e m e n t s. It wa s c l e ar l y m e n t i o n e d t h a t th e l o a n s w e r e sa n c t i o n e d f o r i mp r o v e m e n t o f s t a t e h i g h w a y p h a s e I I I & I V i n H a r y a n a . Th e s e a d d i t i o n al e v i d e n c e s w er e se n t t o t h e A . O . fo r f u r t h e r e x a mi n a t i o n a n d c o m m e n t s , b u t th e A . O . d i d no t m a k e a n y f u r t her e n q u i r y n o r c o m m e n t ed o n t h e f a c t u a l po s i t i o n . Th e L d . C I T( A ) a f t er c o n s i d e r i n g t h e m a t e r i a l o n r e c or d h e l d t h a t t h e l o a n h a d 8 b e e n t a k e n f o r i m p r o v e m e nt o f r o a d s a n d n o t f or c r e a t i ng n e w r o a d s a n d t h u s h e l d t h e i n t e r e s t e x p en s es a s b e i n g r e v e n u e i n na t u re . Th e m a t t er w as c a r r i e d i n a p pe a l b y t he r e v e n u e t o t h e I TA T, w h o u p h e l d t h e o r de r o f t h e L d . CI T( A ) h o l d i n g at p a r a-9 a s u n d er : -
"9. We have considered rival submissions and do not find any merit in the departmental appeal. The assessee produced the certificate of Engineer-in-Chief, Haryana PWD (PB-6) in which it was certified that the State Highways Phase III and IV (Scheme No. 16977) is existing roads and were already in use by the traffic. These roads were improved, by taking loan from HUDCO. The Loan Agreement dated 31.12.2003 (PB-7) is also filed which shows that loan was granted for improvement /up-gradation of the same State These evidences were sent to the Assessing Officer for his comments and report but Assessing Off icer, instead of examining the same, merely reiterated the facts stated in the assessment order. These evidences on record clearly show that borrowed funds were used for improvement/up-gradation of the existing State Highways. The assets were, therefore, already existing and borrowed capital was utilized for improvement of the existing asset. Therefore, Id. CIT(Appeals) was justified in holding that proviso to Section 36(l)(iii) of the Act is not applicable. Further, the loan was acquired for improvement of existing State Highways which did not bring or acquire any new asset. Therefore, it was certainly revenue in nature. We do not find any infirmity in the order of the Id. CIT(Appeals) in allowing the appeal of the assessee. Since, assets have been put to use in the order under consideration, therefore, certainly it was revenue in nature. Since additional evidences were not before the authorities below as have been considered in the present proceedings, therefore, earlier decision of the Tribunal is clearly distinguishable on facts. We, therefore, do not find any infirmity in the order of the Id. CIT(Appeals) in deleting the addition. The departmental appeal is accordingly dismissed."
12. Th e f a c t s i n t h e p r e s e n t c a se , we f i n d a r e i de n t i c a l t o t h a t i n A . Y . 2 00 5 - 0 6 . Th e a d d i ti o n a l e v i d e nc e s n o w f i l e d b e f o r e u s s h o w th a t t h e l o a n h a d b e e n g i v e n b y HU D C O f o r i m p r o v e m en t / u pg r a d i n g of MDR and OD R in H a r y a na P h a s e -I a n d P h as e I I . F u r th e r th e c e r ti f i c a te o f E x e c u ti v e E n g i n e e r Ha r y a na P W D ( B & R ) a l s o c e r t i fi e s t h a t t h e r o a ds 9 f o r w h i ch l o a n wa s t a k e n f r o m HU D C O we r e o wne d b y P WD . Th e c e r t i f i c a t e o f t h e E x e c u t i ve D i r e c t o r , H ar y a n a S t a t e R o a d s & B ri d g e s D e v e l o p m en t C o rp o r a t i o n Lt d . a l so c e r t i f i es t h a t t h e M D R ' s & O D R ' s , P h a s e -I & I I ( S c h e m e No . 1 6 9 8 2 & 17035) w e r e e xi s t i n g ro a d s , a l re a d y i n us e b y t r a f f i c a n d t h e l o a n ag r e e m en t f i l e d s h o w s tha t l o a n h ad b e e n g i v e n f o r t h e s e v e r y s ch em e s f o r i m p ro v i n g t h e r o a d s . The e v i d e n c e s o n r e c o rd c l ea r l y s h o w t h a t t h e b o r r o w ed l o an s w e r e u s e d f o r i m pr o v i n g e xi s t i n g M D R an d O D R , a n d t h at th e a s s e ts w e r e a l r e a dy e x i s t i n g a n d t h e Ld. C I T( A ) t h er e f o re h a d e r r e d in holding th at the p r o v i so to section 36 ( 1 ) ( i i i ) w as applicable in th e present c as e treating the interest e x p e n d i t ur e a s ca p i t a l i n n a t u re . Th i s i s s u e o t he r w i s e b e i ng i d e n t i c a l t o th a t i n t h e pr e c e d i n g y e a r i s a l s o co v er e d b y th e o r d e r o f t h e I TA T i n t h e c a s e o f t h e a s s e s s e e f or A . Y . 2 0 0 5 - 0 6 , I TA N o . 1 1 5 3/ C H D / 2 0 14 , d a te d . 1 4 - 1 2- 2 0 1 5 .
13. I n v i e w o f t he sa m e t h e o r d e r o f t h e L d . CI T( A ) on t h i s issue is set aside and the d i sa l l o w a n c e m a d e o f i n t e re s t e x p e n s e s a m o u nt i n g t o R s . 1 4, 79 , 2 3 , 3 2 2 /- d i re ct e d t o b e deleted.
14. Th e a p p e a l o f the a s s e s s ee t h e re fo r e s t a n ds a l l o we d .
O r d e r p r on o u n c ed i n t h e O p e n Cou r t .
Sd/- Sd/-
(SANJAY GARG) (ANNAPURNA GUPTA)
JUDICIAL MEMBER ACCOUNTANT MEMBER
Dated 21 s t December, 2017
*Rati*
Copy to:
10
1. The Appellant
2. The Respondent
3. The CIT
4. The CIT(A)
5. The DR
Assistant Registrar,
ITAT, Chandigarh