Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (9) TMI 426 - HC - Income TaxInterest u/s 43B disallowed - nature of loan - term loan or not - Terms of agreement and character of transaction appreciated or not – Held that:- The Tribunal rightly held that the loan was for a term - it was secured by a mortgage of the assets and properties of the Assessee borrower does not mean that the clauses or terms and conditions incorporated in the sanction letter can be ignored - the loan was for a term and it was secured in the manner set out by the Deed – no substantial question of law arises for consideration – Decided against assessee. Treatment of loan received – Term loan or not u/s 43B – Held that:- It is not in dispute that the Explanation has been brought into force with effect from 1st January 1989 - the Tribunal did not commit any error in relying on the same – thus, no substantial question of law arises for consideration – Decided against assessee.
|