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TMI Blog2017 (5) TMI 304X X X X Extracts X X X X X X X X Extracts X X X X ..... ght in law in holding that CIT(A) failed to appreciate the facts in right perspective and consequently right in deleting the addition of Rs. 1,30,36,783/- and right in allowing this ground of the appeal of the assessee ? (ii). Whether on the facts and circumstances of the case and in law, the ITAT was justified in holding that CIT(A) failed to consider that if payment of interest on capital of partners is being provided in the partnership deed that interest income would not be exempt from tax and sec.14 will not be applicable? (iii). Whether on the facts and circumstances of the case and in law, the ITAT was justified in holding that in the present case, assessee has demonstrated that interest expenditure was incurred on earning interes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re was incurred on earning interest income from partnership firm, without appreciating that the assessee had distorted the facts and could not establish with facts figures & documentary evidence to prove that it had utilized entire borrowed capital of Rs. 25,20,87,838/-, only for making investment in M/s.Pratham Dosti Realty of Rs. 48,42,28,240/- and could not explain the source of funds for making balance investment of Rs. 23,21,40,402/- in M/s. Pratham Dosti Realty ? (vii). Whether on the facts and circumstances of the case and in law, the ITAT was justified in deleting the addition of Rs. 1,30,36,783/- made by the Ld. CIT(A) without appreciating that "On a plain reading of partnership deed of M/s. Pratham Dosti Realty it is evident tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 83/- and right in allowing this ground of the appeal of the assessee ?" 2.02. Now, so far as the question No.(viii) i.e. Whether the ITAT is justified in deleting disallowance of expenditure incurred of Rs. 14,72,347/- for Ahmedabad Township Office Project, is concerned, it is required to be noted that the A.O. made disallowance of aforesaid amount treating it as capital and categorizing in capital account, against claim of the assessee to treat it as revenue expenditure, on the ground that at the time when the aforesaid expenditure was incurred, the project had not begun. However, it is required to be noted that in the books of accounts / profit and loss account, the assessee claimed the same as revenue expenditure. There cannot be any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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