9911796707
TMI Blog2013 (11) TMI 1508X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs.1,52,000/- and a cash credit limit of Rs.2,00,000/- total Rs.3,52,000/-. It has been submitted by one Smt. Kamal Narang as proprietor of the assessee - The other application for term loan dated 1.5.2000 is only for a term loan of Rs.1,52,000/-. It has been submitted on behalf of Smt. Kamal Narang - A bare perusal of the two applications clearly reveals that they are two different applications and the application dated 5.1.2000 is by the assessee whereas the application dated 1.5.2000 is in the individual capacity of the proprietor of the assessee firm. The financial assistance sought by both the applications are different. No evidence was adduced to establish that no application was filed by the assessee for the grant of term loan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al authorities on or before 17.1.2000 alone are admissible for grant of tax exemption under Section 4-A of the Act. The application of the assessee for grant of exemption has been rejected on the ground that the assessee had not applied for the term loan before the aforesaid date and that he actually made an application only on 1.5.2000. Sri Kunwar Saksena, learned counsel for the assessee submits that the finding to this effect in rejecting the exemption application is totally perverse inasmuch as assessee had applied for the term loan to the Oriental Bank of Commerce on 5.1.2000 and a certificate of the bank to that effect was also furnished. In view of the aforesaid facts and circumstances, the only question which requires to be co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counter affidavit reveals that the application dated 5.1.2000 is for a term loan of Rs.1,52,000/- and a cash credit limit of Rs.2,00,000/- total Rs.3,52,000/-. It has been submitted by one Smt. Kamal Narang as proprietor of the assessee. The other application for term loan dated 1.5.2000 is only for a term loan of Rs.1,52,000/-. It has been submitted on behalf of Smt. Kamal Narang. A bare perusal of the two applications clearly reveals that they are two different applications and the application dated 5.1.2000 is by the assessee whereas the application dated 1.5.2000 is in the individual capacity of the proprietor of the assessee firm. The financial assistance sought by both the applications are different. The application dated 1.5.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re ordinarily handled personally without requiring the formality of dispatch. The bank is not disputing the said certificate nor any material to this effect is on record. It may be worthy to note that no evidence was adduced to establish that no application was filed by the assessee for the grant of term loan on 5.1.2000. In view of the aforesaid facts and circumstances, the tribunal as well as a Divisional Level Committee have manifestly erred in rejecting the exemption application of the petitioner. Accordingly, the impugned orders dated 27.2.2004 and 30.10.2002 are set aside and the assessee is held entitle to grant of exemption under Section 4-A of the Act subject to fulfillment of other conditions. The revision is allowed. Part ..... X X X X Extracts X X X X X X X X Extracts X X X X
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