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TMI Blog2007 (7) TMI 353X X X X Extracts X X X X X X X X Extracts X X X X ..... se appeals is whether or not the CIT(A) was justified in holding that interest received by the assessee on staff loans, on the facts of the case, is taxable as 'income from other sources'. The impugned assessments were framed under s. 143(3) r/w s. 254 of the IT Act, 1961 (hereinafter referred to as 'the Act'), the assessment years involved are 1998-99 and 1999-2000 and the quantum of interest for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase income is found to be incidental to the business of the real estate development, the same may be adjusted against the capital expenditure incurred and only the balance amount to be capitalized. However, when the AO came to be in seisin of the matter again, while he did not give any categorical finding whether or not the same is incidental to the business of the assessee, he held that this inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case as also the applicable legal position. 4. It is important to bear in mind the fact that the present appeal is in the matter of giving effect to the Tribunal's order. All that is to be required to be seen, therefore, is whether or not the directions of the Tribunal have been properly implemented. At this stage, it is not open to go into merits of the matter afresh. In case the grievan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Tribunal's order properly. In any event, there is no dispute that staff loans are given only to the bona fide employees of the company, and since these employees are working for assessee's business of real estate development, the earning of this interest, which is admittedly not for the motive of earning interest but only with a view to grant an employee benefit, has to be considered as in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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