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TMI Blog2018 (6) TMI 451X X X X Extracts X X X X X X X X Extracts X X X X ..... e no question of law is involved and we are only called upon to adjudicate the questions of fact, the appeal cannot be entertained and the same is dismissed. - TAX APPEAL NO. 109 of 2017 - - - Dated:- 28-2-2018 - MR. N.M. JAMDAR AND PRITHVIRAJ K. CHAVAN, JJ. For The Appellant : Ms. Susan Linhares, Jr. Central Govt. Standing Counsel For The Respondent : A. Kulkarni and Ms. Tanvi Kamat Ghanekar, Adv. JUDGMENT 1. By this appeal, the Revenue, through the Principal Commissioner of Income Tax, has challenged the order passed by the Income Tax Appellate Tribunal, Panaji, dated 22 November 2016. 2. The Respondent-Assessee is in business of development and construction of residential buildings. In the year 2013, the Resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and confirmed the disallowance to the extent of ₹ 50000/-. 4. The Revenue filed an appeal before the Income Tax Appellate Tribunal (ITAT), Panaji and the Tribunal dismissed the appeal by an order dated 22 November 2016 and confirmed the findings of the Commissioner (Appeals). 5. We have heard Ms. Susan Linhares, learned Standing Counsel for the Revenue and Mr. A. Kulkarni, learned Counsel for the Respondent. 6. Ms. Linhares, the learned Standing Counsel for the Appellant urged that the appeal involves the question of law, namely whether the Tribunal has ignored the fact that the Assessee has taken loan for development and construction of residential buildings and the findings that the loan was taken for working capital requir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT v. British Paints India Ltd. [1992] Supp 1 SCC 55. We have perused this decision. When the decision was rendered, the Assessment Years 1963-64 and 1964-65 were under consideration. Mr. Kulkarni has placed on record the Section 145 which was applicable to those assessment years. Now, Section 145(2) has been amended and contemplates a notification by the Central Government in respect of the accounting standards to be followed by the class of assessees. Mr. Kulkarni placed reliance on the decision of the Apex Court in the case of J.K. Industries Ltd. v. Union of India [2007] [2008] 297 ITR 176 in respect of the accounting standards. According to Mr. Kulkarni even though the decision is rendered under the Companies Act, the observations have ..... X X X X Extracts X X X X X X X X Extracts X X X X
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