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TMI Blog2015 (2) TMI 858X X X X Extracts X X X X X X X X Extracts X X X X ..... enge in this appeal is a judgment and order dated 27th January, 2014 by which the learned Appellate Tribunal allowed an appeal preferred by the assessee and dismissed a counter appeal preferred by the revenue. The revenue has come up in appeal before this Court. The following questions have been proposed by the revenue. i) Whether on the facts and in the circumstances of the case the learned Trib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... different from that of the present assessee ? iii) Whether on the facts and in the circumstances of the case, the learned Tribunal erred in law in deleting the addition made in respect of interest payment of Rs. 7,43,926/- ? iv) Whether in the facts and in the circumstances of the case, the consolidated order dated January 27, 2014 passed by the learned Tribunal is perverse and ought to be set a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Investment Trust Co. Ltd. vs. CIT, 168 ITR 486 (SC), Sarojini Rajesh vs. CIT 71 ITR 504 (Mad) and K. Sreedharan & Co. vs. CIT and others, 202 ITR 796. Even if the A.O's contention is acepted that the interest income was assessable as income from other sources, the interest payment would be allowable as deduction u/s. 57 of the Act and other expenses debited in P&L A/c would be allowable as busine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pute that the Karta is a member of the HUF which has taken the loan from the Company and, therefore, the case is squarely within the provisions of section 2(22)(e) of the Income Tax Act, which reads as follows : "any payment by a company, not being a company in which the public are substantially interested, of any sum (whether as representing a part of the assets of the company or otherwise) (mad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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