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TMI Blog2020 (10) TMI 460X X X X Extracts X X X X X X X X Extracts X X X X ..... pears to be contrary to the factual position as pleaded by the assessee themselves. Thus, the said contention raised by the assessee is not acceptable. As rightly pointed out by the learned Senior Standing Counsel appearing for the respondent Revenue, the issue involved has been settled by the Hon ble Supreme Court in the case of Tuticorin Alkali Chemicals Fertilizers Ltd. [ 1997 (7) TMI 4 - SUPREME COURT] and BOKARO STEEL LIMITED [ 1998 (12) TMI 4 - SUPREME COURT] - Decided against the assessee. - Tax Case Appeal No.783 of 2018 - - - Dated:- 1-10-2020 - HONOURABLE MR. JUSTICE T.S.SIVAGNANAM AND HONOURABLE MRS. JUSTICE V.BHAVANI SUBBAROYAN. For Appellant : Mr. G. Baskar For Respondent : Mr. Karthik Ranganathan, SSC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... funds ? and v. Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in holding that income tax is attracted at the point when the income is earned without controverting on the point that the appellant had not commenced its business during this year? 3. We have heard Mr.G.Baskar, learned counsel for the appellant assessee and Mr.Karthik Ranganathan, learned Senior Standing Counsel appearing for the respondent Revenue. 4. The assessee, which is a company engaged in the business of developing and maintenance of commercial complex, filed its return of income for the assessment year under consideration namely AY 2009- 10 on 30.9.2009 declaring a total income of ₹ 2,98,060/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... zers Ltd. 7. The assessee, being aggrieved by the order dated 30.12.2016 passed by the CIT(A) dismissing their appeal, preferred an appeal before the Tribunal. Before the Tribunal, the assessee contended that they obtained loans from various financial institutions solely for the purpose of constructing a shopping mall and that the interest received was inextricably connected with the business purpose. The Tribunal, considering the factual position, concurred with the view taken by the Assessing Officer and the CIT(A) and dismissed the appeal by the impugned order. Hence, the assessee is before us. 8. After hearing the learned counsel for the appellant, we find that the plea raised by the assessee before us that their business had comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he benefit of deduction on the ground that the business of the assessee had not been set up. Upon going through the facts, we had held that the order passed by the Assessing Officer was erroneous noting that the assessee in the said case was in a composite business or in other words, it had a bucket of business activities, which had been clearly spelt out in the Memorandum of Association and sufficient proof had been filed by the assessee therein to establish that several of its activities had already commenced except for manufacturing and sale of commercial vehicles, which could be done only after the construction was completed. We find the said decision to be only inapplicable to the facts and circumstances of the case on hand. 11. As ..... X X X X Extracts X X X X X X X X Extracts X X X X
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