2012 (10) TMI 148

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..... the Income Tax Appellate Tribunal dated 21.08.2008 in ITA No. 4769/Mum/2006 relating to the assessment year 1999-2000. 2. The appellant seeks to raise the following questions of law:     i) Whether on the facts and circumstances of the case, interest of Rs.46,30,658/as claimed by the Appellant is allowable as deduction?     ii) Whether the order dated 21.08.2008 o .....

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..... follows: Rs.74,63,160.00 x Rs.91,00,000.00 Rs.1,46,63,160.00 5. The Tribunal upheld the order of the CIT (Appeals) by which the appellant was granted a deduction in respect of interest in the sum of Rs.19 lacs only. Rs.19 lacs constituted the difference between the OTS amount of Rs.91 lacs and the admitted principal amount of Rs.72 lacs. 6. The assessee has not produced any evidence to indica .....

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..... ssee has not produced any evidence to indicate the true nature of the transaction in respect of the OTS. 9. In these circumstances, the basis of the order cannot be said to be perverse. The authorities have taken a possible view. The same cannot and does not raise a substantial question of law. 10. The appeal is therefore dismissed. No order as to costs.
Case laws, Decisions, Judgements, Ord .....

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