TMI Blog2015 (8) TMI 766X X X X Extracts X X X X X X X X Extracts X X X X ..... s not in dispute that the assessee advanced money to the ladies out of interest bearing funds. The case of the assessee is that those ladies were expected to enter into an agreement to purchase the land properties for the benefit of it. In fact that has been done, but no material is placed on record to show that the ladies entered into an agreement to purchase the lands as mentioned in the letter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rposes and therefore, the said amounts cannot be deducted out of the total income. 2. The assessee is a partnership firm mainly carrying on real estate business and building contract. The assessing authority noticed that an amount of ₹ 3,56,000/- and ₹ 1,07,000/- was paid to Mrs. Zubida and Mrs. Rukiya during the assessment year 1993-94. The assessee had claimed the interest expendi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appeals and set aside the order passed by the First Appellate Authority against which, the assessee had preferred appeals to this Court. This Court after hearing the parties, was of the view that, the Tribunal had not at all considered the availability or otherwise of interest bearing funds with the assessee for advancing the alleged amounts and therefore, remanded the matter to the Tribunal f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t years? 6. We have heard the learned Counsel for the parties. 7. From the material placed on record, it is not in dispute that the assessee advanced money to the ladies out of interest bearing funds. The case of the assessee is that those ladies were expected to enter into an agreement to purchase the land properties for the benefit of it. In fact that has been done, but no material is pla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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