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TMI Blog2015 (5) TMI 612X X X X Extracts X X X X X X X X Extracts X X X X ..... The Court : - This appeal has been filed by the Revenue against the order dated 19th February, 2014 passed by the Income Tax Appellate Tribunal, "B" Bench, Kolkata in I.T.A. No.1101/Kol/2012 and I.T.A. No.1528/Kol/2012 for the Assessment Year 2008-2009 on the following questions:- "i) Whether on the facts and in the circumstances of the case the learned Tribunal was justified in allowing relief ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... find from paragraph 9 that the Tribunal while concurring with the reasoning given by the C.I.T.(A) had held as under: - "A perusal of assessee's balance-sheet as on 31.3.2008, which has been placed at page 5 of the paper book, show that opening investment as on 01.04.2007 was Rs. 110,12,51,839/- and closing value of investment as on 31.03.2008 was Rs. 109,32,88,180/-. Schedule "E" of the said bal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee. Therefore, for making such investment and for holding such shares, it cannot be said that assessee would have incurred substantial expenditure. Assessee had not purchased or sold any of the shares of M/s. Magma Shrachi Finance Ltd. during the relevant previous year. We also find that Assessing Officer had not made any disallownace for interest. While applying Rule 8D(2) Assessing Officer ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. In the case of the assessee here, we cannot say that the loan raised by assessee from ICICI Bank, which was utilized for paying advances for acquiring built up spaces, was in relation to extension of an existing business. Business of assessee was real estate and the assessee's intention was to trade in constructed spaces. It never contemplated to use such constructed spaces for its own use. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n allowable expenditure. We do not find any reason to interfere with the order of learned CIT (Appeals). Ground No. 3 of the revenue stands dismissed." We find that so far as question nos. 2 and 3 the Tribunal had followed the same reasoning. In our view, as the questions really relate to facts which cannot be disturbed, no substantial question of law arises. Therefore, the application and the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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