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Issues involved: Appeal regarding the allowance of loss, consideration of investigation findings as evidence, and disallowance of interest on funds lent as interest-free loans.
Regarding the first issue, the Revenue raised a question on whether the Tribunal was justified in allowing the assessee's claim of loss amounting to Rs. 21,40,11,523. The Tribunal's decision was challenged, and the matter was brought before the High Court for review. Concerning the second issue, the ITAT's decision to not consider the findings of investigations conducted by JPC and SEBI regarding the security scam of 2001 as evidence for framing the assessment order was questioned. The legality and relevance of such findings in the assessment process were under scrutiny. On the third issue, the Tribunal provided detailed reasoning in paragraphs 18 and 19 of its judgment to support its decision that the disallowance of interest amounting to Rs. 6,92,79,428 related to funds lent as interest-free loans to sister concerns was not sustainable. The High Court found no fault with the Tribunal's order on this matter. The High Court admitted the appeal on the first two questions raised by the Revenue, indicating that further examination and deliberation were required on these specific issues.
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