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2018 (2) TMI 442

Head Note / Extract:
Claim for deduction u/s 10A - Tribunal allowed partial claim - Held that:- The conclusion arrived at by the Tribunal regarding the claim of the assessee under section 10A of the Act is based upon concurrent findings of fact recorded by it after appreciating the material on record. Under the circumstances, the said ground of appeal being based purely upon the findings of fact recorded after appreciation of the evidence on record, in the absence of any perversity being pointed out in the impugned order, does not give rise to any question of law.

Disallowance of interest expenses - Held that:- The assessee had obtained secured loans of ₹ 2,20,80,792/-, whereas it had reserve surplus of ₹ 9,63,57,283/-, share capital of ₹ 10,30,45,000/- and share application money of ₹ 2,17,75,000/-. Thus, the assessee had considerable surplus funds in proportion to the secured loans. Under the circumstances, since the assessee had advanced interest-free loans out of its surplus funds, the question of disallowing the expenditure in respect of interest incurred on the borrowed funds did not arise, inasmuch as, no part of the borrowed funds had been advanced by the assessee to the concerned parties. Under the circumstances, the Tribunal was wholly justified in upholding the deletion of disallowance of interest expenses of ₹ 15,21,790/-.


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