TMI Blog2016 (4) TMI 1084X X X X Extracts X X X X X X X X Extracts X X X X ..... s? - Income Tax Appeal No. 52 of 2014 - - - Dated:- 18-4-2016 - M. S. Sanklecha And A. K. Menon, JJ. For the Petitioner : Mr. Suresh Kumar For the Respondent : Ms. Vasanti Patel ORDER P. C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 17th May, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... within the provision of Section 115JB of the Income Tax Act? (iv) Whether the Tribunal was justified in allowing the Company's claim of advances not be recognized as income although the same was received during the year on the basis of the works contract? 3. Regarding Question No.(i): (a) In the subject assessment year the respondent-assessee received dividend income of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer. In view of the failure of the respondent to explain/relate the investment being made from its own surplus funds. (c) On further appeal, the Tribunal in the impugned order on consideration of the facts on record found that the respondentassesssee had its own funds to the extent of ₹ 379 crores available. This was sufficient to meet the investment of ₹ 50.88 cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 50.88 crores. This finding of fact is not shown to be perverse or arbitrary. Thus, no substantial question of law arises for our consideration. Thus, not entertained. 4. Regarding Question No.(iii): (a) The question as proposed by the Revenue does not arise from the impugned order of the Tribunal. For the subject assessment year the Assessing Officer brought to tax income determin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, inter alia, in respect of the subject assessment year and also assessment year 200708. We have today dismissed an identical question raised by the Revenue in respect of its Appeal No.2296 of 2013 relating to assessment year 200708. For the reasons indicated therein, we find no reason to entertain the proposed question. Accordingly not entertained. 6. The Appeal admitted on the substantial qu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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