2008 (4) TMI 230

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..... ard learned counsel for the appellant and learned counsel for the respondent. In the above appeal, the revenue is seeking to raise the following substantial questions of law:- "4(a) Whether on the facts and circumstances of the case and in law, the Tribunal is right in holding that the notional interest should not be charged in spite of the fact that the borrowed funds were utilized for non busin .....

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..... inessman with certain commercial and business purpose in mind. The interest bearing funds in the present case has been used for the purpose of business. A businessman cannot be expected to and does not make profit out of each and every transaction entered into by him. 5. Thereafter, the Tribunal has given a finding that the interest free advances of Rs.1,54,20,945/-given represents only 8.8% of l .....

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