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TMI Blog2022 (1) TMI 246X X X X Extracts X X X X X X X X Extracts X X X X ..... ature? - HELD THAT:- No uncertain terms held that CIT(A) has examined each and every aspect of the case and held in favour of the assessee. But with regard to the issue whether the expenditure is allowable as business expenditure, under Section 37(1) CIT(A) has taken note of the various decisions on the point, namely the positive test and the negative test, which are to be applied, and thereafter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is directed against the order dated 28th February, 2017 passed by the Income Tax Appellate Tribunal, A Bench, Kolkata (the Tribunal) in ITA No. 171/Kol/2013 for the assessment year 2009-10. The Revenue has raised the following substantial questions of law for our consideration :- 1. Whether on the facts and circumstances of the case the Learned Income Tax Appellate Tribunal has erred in l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellate Tribunal has erred in law by allowing the processing fee ₹ 13,19,24,685/- paid to the ICICI Bank on a loan taken by the third party as deduction under Section 37(1) of the Income Tax Act, 1961? We have heard Mr. Tilak Mitra, learned standing Counsel for the appellant and Mr. Chayan Gupta, learned Counsel appearing for the respondent/assessee. We have heard elaborately the lea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orm of a brokerage or commission or service charges (notwithstanding its liability for TDS). Therefore, on the facts and in the circumstances of the case, in my view, the expenditure incurred by the appellant company for the payment made to M/s Shalini Properties Developers Pv. Ltd. is a revenue expenditure. But this finding was tested for its correctness by the Tribunal and the Tribunal a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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