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TMI Blog2019 (4) TMI 295X X X X Extracts X X X X X X X X Extracts X X X X ..... rence of this Court. - I. T. A. No. 261 of 2010 - - - Dated:- 15-3-2019 - MR P. R. RAMACHANDRA MENON AND MR N. ANIL KUMAR, JJ. For The Appellant : ADVS. SRI. P. K. R. MENON SR , GOI(TAXES), SRI. CHRISTOPHER ABRAHAM, INCOME TAX DEPARTMENT, SRI. JOSE JOSEPH, SC, FOR INCOME TAX AND SRI. K. M. V. PANDALAI, INCOME TAX DEPARTMENT For The Respondents : ADVS. SRI. JOSEPH MARKOSE, SC, SRI. V. ABRAHAM MARKOS, SRI. ABRAHAM JOSEPH MARKOS, SRI. GOVIND VIJAYAKUMARAN NAIR, SRI. HARAN THOMAS GEORGE, SRI. ISAAC THOMAS AND SRI. NOBY THOMAS CYRIAC JUDGMENT Ramachandra Menon, J . This appeal preferred by the Revenue is still to be admitted and it is pending for nearly nine years. 2. The respondent assessee is engage ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal is still to be admitted and no substantial question of law has been framed by this Court. The questions of law suggested by the Revenue are in the following terms : 0n the above and other grounds that may be urged at the time at hearing the following substantial questions of law arise for decision of the Hon ble Court 1. Whether on the facts and in the circumstances of the case ( a) The Club expenses being personal expenditure, the assessee is entitled to claim expenses under the Income tax Act? ( b) Since the question being contested by the Revenue for the asst. years 1994-95 and 1995-96 and the same is pending consideration before this Hon ble Court, the Tribunal is right in law ( vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 39;99 before the High Court], it is contended by the appellant Revenue that it should have been treated only as 'personal expenditure' and that the appeal filed by the Department for the assessment year 1994 - '95 and 1995 - '96 were still pending consideration. The said question was considered by this Court in detail and it was answered against the appellant/department and appeals preferred for the year 1994 - '95 and 1995 - '96 stand dismissed as per the judgment dated 13.03.2019 in I.T.A. No. 973 of 2009 and the judgment dated 14.03.2019 in I.T.A. No. 67 86 of 2009 respectively. As such the said issue stands covered against the appellant and in favour of the assessee. 6. With regard to the second question moo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he appellant Department, the Commissioner of Income Tax [Appeals] had logically worked out the interest disallowable on the basis of the loan taken and for the period for which it was held. The grievance is with regard to the course pursued by the ITAT originally restricting 0.5% of total expenditure and interest, followed by the subsequent order dated 08.01.2010 [which is under challenge in this appeal] whereby it stands reckoned as 0.5% on investment, ignoring the rate of interest and period for which the loan was utilized. 9. As a matter of fact, the reason for the change is discernible from Paragraph 15 of Annexure B verdict passed by the Tribunal, which is reproduced below for convenience of reference : 15. The assessee has f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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