2017 (7) TMI 745

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..... s Long Term Capital Loss? Disallowances of interest - Held that:- Tribunal noted that the advances were made by the assessee to one Kanak Castor Products Private Limited. Kanak Castor was declared as the highest bidder for purchase of assets of a company in liquidation by the Gujarat High Court. To facilitate the purchase, the assessee had also purchased 4.79 crores shares out of 5 crores share .....

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..... e notice that the revenue has also suggested one more question which reads as under: Whether the Appellate Tribunal was right in facts and circumstances in deleting the disallowances of interest of ₹ 1,11,22,812/- confirmed by the CIT(A), pertaining to A.Y 2005-06? 3. With respect to this question, we notice that the CIT(A) confirms with the Assessing Officer that interest expenditure .....

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