2022 (8) TMI 1344

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ellate authorities below have given concurrent findings of fact that at the end of the Financial Year 2010-11, the Society s total borrowings was at Rs.11,352 crore, whereas the fund required for making capital and fixed assets stood at Rs.19,791 crore. The bank had imposed stringent end use condition and limits while sanctioning the loans which were only for specific purposes. There was specific .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Verma, Advocates JUDGMENT MANMOHAN, J (Oral): 1. Present Income Tax Appeal has been filed challenging the order dated 25th January, 2021 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No.6083/Del/2017 for the Assessment Year 2011-12. 2. Learned counsel for the Appellant states that the ITAT has erred in holding that it was incumbent upon the Assessing Officer to demonstrate tha .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... eas the fund required for making capital and fixed assets stood at Rs.19,791 crore. Further, the bank had imposed stringent end use condition and limits while sanctioning the loans which were only for specific purposes. There was specific prohibition for the use of the funds for investment in shares of other companies and capital markets. So the borrowed funds could not have been utilised for the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X