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2014 (9) TMI 885 - HC - Income TaxInterest expenses utilized for business purpose or not - Whether the Tribunal erred in concurring to the views of the CIT(A) in deleting the entire disallowances made by the AO on account of interest expenses, when the loan was not utilized for the purpose of business – Held that:- Both the CIT(A) as well as the Tribunal have recorded concurrent findings of fact to the effect that the assessee was also running a sarafi business and the funds obtained from the bank had got merged with the funds of other businesses - Having regard to the total funds available from the sarafi business, the Tribunal has found no reason to believe that bank funds have been diverted as interest free/lower interest advances - no material has been brought on record by the revenue either to demonstrate that the sarafi business was bogus or to establish diversion of interest bearing funds as low/interest free advances - revenue is not in a position to point out any material to the contrary so as to dislodge the concurrent findings of fact recorded by the CIT(A) and the Tribunal - the Tribunal has based its conclusion on the concurrent findings of fact recorded by it upon appreciation of the evidence on record – thus, the order of the Tribunal is upheld – Decided against revenue.
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