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TMI Blog2012 (8) TMI 70X X X X Extracts X X X X X X X X Extracts X X X X ..... no diversion of such interest bearing funds for non-business purposes while allowing the interest expenditure - appeals do not involve any question of law. - IT Appeal NO. 15 OF 2011 - - - Dated:- 3-7-2012 - SHANTANU KEMKAR AND PRAKASH SHRIVASTAVA, JJ. ORDER 1. This order will govern the disposal of ITA No. 15/2011 and ITA No. 16/2011 which have been filed against the common order of the Income Tax Appellate Tribunal, Bench Indore dated 30.12.2010 passed in ITA No. 9 10/Ind/2010 A.Y. 2005-06 2006-07 involving the identical issue. 2. Learned counsel for the appellant at the time of argument has raised two issues; firstly that the Tribunal was not justified in allowing the claim of expenditure incurred for foreign educatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ain field of working of the assessee Company and a bond was got executed to ensure that he will work for at least 5 years after return to India. A guarantee in this regard was also taken from his parents. The tribunal has duly taken note of the documents of bond and the guarantee. On the basis of the material placed on record, the Tribunal has recorded a factual finding that Shri Siddharth Chhajlani was in employment with the Company not only before going but even during the period he was undertaking studies in printing technology at London and also on his return from London. The relevant certificates relating to completion of the advanced diploma in Information Technology (Printing) from College of Applied Sciences, London have been taken ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the earlier assessment year 2004-05 was allowed, which has attained finality. The tribunal has relied upon the earlier order of the Tribunal for the assessment year 2004-05. The tribunal has recorded a finding that the assessee had properly utilized the amount of interest bearing funds for the purpose of its business only and there was no diversion of such interest bearing funds for non-business purposes while allowing the interest expenditure. This is also a finding of fact. Thus, the second issue raised by the appellant also does not involve any question of law. 8. Accordingly the appeals do not involve any question of law. The issues which the appellant is raising are the issues on facts concluded by the finding of facts recorded ..... X X X X Extracts X X X X X X X X Extracts X X X X
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