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TMI Blog2018 (2) TMI 1153X X X X Extracts X X X X X X X X Extracts X X X X ..... own funds are in excess of the investment made, then it shall be presumed that investments are made out of own funds. In the present case it is found on facts that the interest paid was nowhere related to investments made to earn exempt income either directly or indirectly. - Decided in favour of assessee - Income Tax Appeal No. 217 of 2015 - - - Dated:- 15-1-2018 - M. S. Sanklecha And Riyaz I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar should be determined under Section 23(1)(b) of the Act without appreciating the fact that the rent shown by the assessee was far less than the reasonable rent which a similar property would fetch and hence the provisions of clause (a) of Section 23(1) would apply? 3. Whether on the facts and circumstances of the case and in law, the Tribunal was justified in restricting the disallowance t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of ₹ 30.00 Crores taken from the Bank had been exclusively assigned for purchase of the windmill. This fact was not disputed. In the aforesaid background, CIT(A) held that no part of interest paid on the loan of ₹ 30.00 Crores taken for purchase of windmills could be disallowed as having been used to earn tax free income. It recorded a finding of fact that the investments were made b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat investments are made out of own funds. (e) In the above view, the question as proposed does not give rise to any substantial question of law. Thus, not entertained. 4. Re. Questions 2 and 3: (a) The impugned order of the Tribunal in respect of above Questions followed the order of its coordinate bench in the case of the RespondentAssessee for assessment year 2005-06. Being aggrieved, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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