9911796707
TMI Blog2017 (8) TMI 1530X X X X Extracts X X X X X X X X Extracts X X X X ..... basis - HELD THAT:- We find that issue in controversy is covered in favour of the assessee by assessee s own case [ 2016 (12) TMI 1771 - ITAT MUMBAI] there is no dispute on the facts about the assessee acquiring the debts from the Bank of Baroda with the borrowed funds, the loan creditors have not paid interest income to either bank or to the assessee, assessee has not recognised the income for all the assessment years under consideration etc. The legal issue i.e. to be decided on the right to recover the interest income by the assessee during the pendency of suit in Bombay City Civil Court. As examined the interpretation of the said section and the relevant explanation is already incorporated in the above paras of this order. Also see ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be dismissed. On the other hand, Ld. DR conceded to it. 3. We have heard the rival contentions of both the parties. We find that issue in controversy is covered in favour of the assessee by assessee s own case in ITAT Order No. 7392-7398/M/2013. Wherein, the tribunal has decided the issue by observing as under: 11. We have heard both the parties and perused the orders of the Revenue Authorities as well as the paper books filed before us. On hearing both the parties and on perusal of the relevant material placed before us, we find, there is no dispute on the facts about the assessee acquiring the debts from the Bank of Baroda for a sum of ₹ 84,97,400/- with the borrowed funds, the loan creditors have not paid inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970). Explanation II:- For the purposes of this section, a transaction is a commercial transaction, if it is connected with the industry, trade or business of the party incurring the liability.] (2) Where such a decree is silent with respect to the payment of further interest [on such principal sum] from the date of decree to the date of payment or other earlier date, the Court shall be deemed to have refused such interest, and a separate suit therefor shall not lie. 12. We have also examined the interpretation of the said section and the relevant explanation is already incorporated in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
