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2016 (3) TMI 975 - BOMBAY HIGH COURT

2016 (3) TMI 975 - BOMBAY HIGH COURT - TMI - Deduction of interest expenditure - nature of the business of the assessee is share broking and not of financing - whether the claim of expenditure of interest was inadmissible under Section 37(1)? Held that:- Appeal admitted on first substantial question of law

Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in allowing as a deduction interest expenditure of ₹ 21,92,68,519/to the asses .....

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ct, 1961 (the Act ) takes exception of the order dated 6th March, 2013 passed by the Income Tax Appellate Tribunal ( Tribunal ). The impugned order dated 6th March, 2013 relates to Assessment Year 200102. 2. The Appellant-Revenue has urged the following questions of law for our consideration:- (1) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in allowing as a deduction interest expenditure of ₹ 21,92,68,519/to the assessee even though the .....

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at the Assessing Officer shall determine the amount of expenditure incurred in relation to such income which does not form part of total income under this Act? (3) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that party brokerage income of ₹ 9,03,235/is not taxable even though the Assessee had shown the same in its service tax Return? (4) Whether on the facts and in the circumstances of the case and in law, the Tribunal was jus .....

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lassified it under the head 'Stock in Trade'. On these facts, Mr. Kotangale, the learned counsel for the Revenue very fairly states that the issue stands concluded against the Revenue and in favour of the RespondentAssessee by the decisions of this Court in HDFC Bank Ltd. V/s. The Deputy Commissioner of Income Tax2( 3) (Writ Petition No.1753 of 2016 rendered on 25th February, 2016) as the alternative contention raised therein. It needs to be stated that in HDFC Bank (supra) the Tribunal .....

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to any substantial question of law. Thus not entertained. 4. Regarding question no.(3) (i) By the impugned order the Tribunal deleted the addition of ₹ 9.3 lakhs on account of excess brokerage shown in service tax return as compared to brokerage income shown in Profit and Loss Account. The impugned order particularly points out the fact that on the same issue the Commissioner of Income Tax (Appeals) had rendered a decision in the immediately preceding Assessment Year in favour of the Resp .....

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