The question was reframed reads as under \u201cWhether on the facts and circumstances of the case the Appellate Tribunal is right in setting aside the order of the Assessing Officer disallowing the balance investment of the appellant amounting to Rs. 51, 80, 000 in Gujarat Perstop Eletronics Ltd (GPPEL) ?\u201d\u00a0\u00a0 Following the Judgement in CIT v. Apollo Tyres Ltd (2019) 4199 ITR 100 (Ker)(HC),\u00a0 where in the Court held that the assessee as a guarantor of its JV company GPEL, had to pay certain amount to banks and financial institutions as one time settlement on account of inability of GPEL to pay off its debts, since truthfulness of entries was not doubted and it was not a case of syphoning of money through fictitious entries, assessee’s claim for business loss in respect of amount paid was to be allowed. \u00a0The question was answered in favour of assesee. (AY.2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"
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