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2011 (3) TMI 25 - HC - Income TaxDisallowance of interest - The assessee advanced a sum of Rs. 1,09,94,298/- by way of unsecured loan to M/s. Hamlet for which the assessee neither received any interest nor accrued any interest in the P & L account - The Assessing Officer calculated the interest @ 13% on the sum of Rs. 1,09,94,298/- which came to Rs. 16,49,145/- and treated as deemed interest accrued to the assessee in the Assessment year - Tribunal was of the view that as the loan was not for business consideration because of the fact that there was no business connection between the assessee and the borrower, the assessee was not entitled to any deduction - Supreme Court in the case of CIT vs. Shiv Prakash Janakraj & Co. Pvt. Ltd., reported in [1996 -TMI - 5537 - SUPREME Court] The law is equally settled that if a Tribunal records a wrong finding that there was a concession on an issue of fact, a litigant is not remediless - The Tribunal, however, did not enter into such question and dismissed the application for review on the sole ground that the same was not maintainable – Accordingly it was held that the Tribunal erred in law in setting aside the order of CIT (Appeals) on the alleged ground of concession which itself was incorrect – Appeal is partly allowed
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