9911796707
TMI Blog2018 (6) TMI 1850X X X X Extracts X X X X X X X X Extracts X X X X ..... as committed any error to call for any interference by this Court. View taken by the learned Tribunal deleting the dis-allowance on interest free loans and advances confirmed. No specific question of law arises. Addition u/s 68 - loan and advances taken from one Bhupendrabhai J. Patel by cheque - HELD THAT:- Said loan and advances was not taken by the Assessee in the year under consideration. Under the circumstances when there was no unsecured loan during the year under consideration, the learned Tribunal has rightly observed and held that the provisions of Section 68 shall not be applicable. Even otherwise it is required to be noted that even the said loan was adjusted by the Assessee subsequently by allotment of Rs. 51,000/- shares of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... djusted by allotment of shares during the year? 3. Feeling aggrieved and dis-satisfied with the impugned common judgment and order passed by the learned Tribunal passed in ITA No. 1071/Ahd/2017 for the A.Y. 2013-2014, Revenue has preferred Tax Appeal No. 616 of 2018 with following proposed question of law: 2(A) Whether the Appellate Tribunal has erred in law and on facts in deleting the disallowance on interest free loans and advances amounting to Rs. 43,59,961/-? (B) Whether the Appellate Tribunal has erred in law in not holding that the assessee has failed to prove that interest expenses were incurred wholly and exclusively for business? 4. At the outset it is required to be noted that so far as the proposed question of law 2(A) and 2(B) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt of Rs. 49,79,253/- (A.Y. 2012-2013) and deleted the dis-allowances of Rs. 43,59,961/- on interest free loans and advances (for A.Y. 2013-2014). The learned Tribunal has also deleted the addition of Rs. 51,00,000/- made under Section 68 of the Act (for A.Y. 2012-2013). 9. Feeling aggrieved and dis-satisfied, the common impugned order passed by the learned ITAT, the Revenue has preferred the present appeals with the aforesaid proposed question of law. 10. We have heard Ms. Mauna Bhatt, learned Counsel appearing on behalf of the Revenue at length. We have also gone through and considered in detail the orders passed by the Assessing Officer, the learned CIT(A) as well as the learned Tribunal. 11. Now so far as the dis-allowance on interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ready having a huge interest free funds available with it and that even the amount of loans and advances were utilized for the business purpose, more particularly in fixed assets and capital work in progress and thereafter that the learned Tribunal has deleted the disallowance and interest free loans and advances, it cannot be said that the learned Tribunal has committed any error to call for any interference by this Court. 13. We are in complete agreement with the view taken by the learned Tribunal deleting the dis-allowance on interest free loans and advances. No specific question of law arises. 14. Now so far as the additional ground in Tax Appeal No. 615 of 2018 namely deleting the addition of Rs. 51,00,000/- made under Section 68 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
