9911796707
TMI Blog2010 (2) TMI 1182X X X X Extracts X X X X X X X X Extracts X X X X ..... erruled and the Registry is directed to number the appeal. Three questions have been formulated in the appeal by the Revenue, against the judgment of the ITAT which pertains to Assessment Year 199899: "1. Whether, on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was right in not appreciating that the AO had made the addition of notional rent under the deeming p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ally enforceable, relying on the judgment of Supreme Court in the case of E.D. Season & Co. vs. CIT (26 ITR 27)?" 2. In the grounds, as they have been framed, particularly grounds 1 and 3 above, the Revenue seeks to find fault with the Tribunal for relying upon the judgment of this Court in the case of J.K.Investors, 248 ITR 723 (in so far as question 1 is concerned), and upon the judgment of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order passed by the Supreme Court on 1st November 2002 in Petition for Special Leave to Appeal (Civil) CC 5480 of 2001, by which the Supreme Court held that there was no justifiable reason to interfere with the judgment of the Division Bench of this Court in J.K. Investors. The Special Leave Petition was dismissed. In the circumstances, no substantial question of law can be said to have arisen, pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13 ITR 340 (Bom), the Tribunal held that if the Assessee had funds available, both interest free and loaned, there would be a presumption that the investments were out of the interest free funds if the interest free funds were sufficient to meet the outlay on the investment. In the present case, having regard to the finding of fact that the assessee had sufficient interest free funds, no substanti ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
