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TMI Blog2014 (2) TMI 1357X X X X Extracts X X X X X X X X Extracts X X X X ..... question taken by the assessee were for specific purposes, namely for export bill discounting, packing credit loans, term loan taken for purchase of property for business use, car loan and overdraft. The Bank when guaranty such specific loans, ensure that the money is used for the purpose for which it is given . The funds are not released to the assessee but are paid to the organization from where the assessee received the asset/ goods etc. directly. They have sufficient cheques and balances in the system. The loan granted by a bank or financial institution for specific purpose has been diverted, without evidence what so ever, for the purpose disallowing interest payment cannot be countenanced. Thus on this ground also the order of the L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... py of the order of the commercial tax officer, even if ignored does not effect the allowability of the ground no.2 as other evidences produced suffice to support the order of the Ld. CIT (A). - I.T.A.No. 446/Del/2013 - - - Dated:- 19-2-2014 - SHRI R. P. TOLANI, JUDICIAL MEMBER AND SHRI J. S. REDDY, ACCOUNTANT MEMBER For the Appellant : Shri K.V.S. Gupta, Adv. For the Respondent : Ms. Y. Kakkar, DR. ORDER PER J. S. REDDY, ACCOUNTANT MEMBER This is an appeal filed by the Revenue and is directed against the order of the learned Commissioner of Income-tax (Appeals)-XXIII, New Delhi dated 12.11.2012. On the following grounds: 1 On the facts and on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at page 145 to 148 of the paper book. The CIT (A) has analyzed the position by observing that the opening balance of the assessee s capital account as on 04.02.2008 was ₹ 10,38,07,905/- and that the assessee introduced further capital of ₹ 3,67,12,176/- during the year and whereas the loans and advances given of ₹ 1,16,53,493/- that to which was a carried forward from earlier year. He also held that no interest disallowance was made in the scrutiny for assessment year 2008-09. 4. The Ld. Departmental Representative could not dispute this factual position recorded by the Ld. CIT (A). Her submission is that the datewise position has not been explained and itemwise details not given and that the assessee has not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of the Ld. CIT (A) has to be upheld. In the result this ground of the Revenue is dismissed. 8. Ground no.2 is against the deletion of an addition of ₹ 7 lac as notional income. The assessee has a property at C-74 and 75, Hosiery Complex, Noida. The assessee claimed that these two premises were used and occupied for the business purposes. The Assessing Officer considering the turn over and estimated that only 20% of the premises were used for business and the balance 80% of the property was vacant and he estimated a notional income of ₹ 7 lac under the provisions of section 22 of the Act. The CIT (A) considered (a) the certificate of registration and allotment of TIN by the Department of commercial taxes Govt. of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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