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TMI Blog2022 (8) TMI 1138X X X X Extracts X X X X X X X X Extracts X X X X ..... s not suffer from any perversity. The said finding and observation will squarely cover the case on hand. Therefore, we find no grounds to admit this appeal. - ITAT/196/2017 IA NO.GA/2/2017 (OLD NO. GA/1727/2017 - - - Dated:- 24-8-2022 - HON'BLE JUSTICE T.S. SIVAGNANAM AND HON'BLE JUSTICE HIRANMAY BHATTACHARYYA Appearance: Mr. Smarajit Roychowdhury, Adv. ..for the appellant. Mr. Madhur Agarwal, Adv. Mr. Pranit Kumar Bag, Adv. Mr. A.K. Dey, Adv. for the respondent. The Court : This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act, for brevity) is directed against the order dated September 9, 2016 passed by the Income Tax Appellate Tribunal A Bench Kolkata in I.T.A. No. 2176 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee, then the substantial question of law no.(b) becomes academic. So far, substantial question of law no.(c) is concerned as could be seen from computation of book profit under Section 115JB as done by the assessing officer in the order of assessment dated 6th March, 2013 under Section 143(3) the book profit minus Rs.5,67,68,004/- we find from the appeal memorandum that the revenue is on appeal only with regard to the deletion of the addition as confirmed by the Commissioner of Income Tax (Appeals) to the tune of Rs.1,37,20,788/-. Even if the said figure is taken, it would be negative figure and then there is no tax effect. Therefore, substantial question of law no.(c) also becomes academic. Thus, we take up for consideration only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the borrowed funds were utilized for the purpose of acquiring shares and in view of availability of own funds with the assessee, the expenditure ought to have been disallowed. This is a finding of fact. We do not find any perversity in such finding. As such, we do not admit the appeal on this point. We do not find any utility in keeping the stay petition alive as there is no scope of passing any interim order. We accordingly dispose of the stay petition. However, we shall hear the appeal on the basis of the stay petition as we are apprised by the learned counsel for the parties that the stay petition contains all the relevant materials necessary for adjudicating the appeal. On consent of the learned counsel for the res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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