TMI Blog2016 (10) TMI 701X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 717, 718 of 2016 - - - Dated:- 26-9-2016 - Akil Kureshi And A. J. Shastri, JJ. Mrs Mauna M Bhatt, Advocate for the Appellant ORDER ( Per : Honourable Mr. Justice Akil Kureshi ) 1. Leave to amend the question of law suggested. 2. The issues involved are identical in both the tax appeals. We may record facts from Tax Appeal No. 717 of 2016. 3. For the assessment year 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nds for advancing interest free loans. However, the question was, was it done due to business expediency? On this short ground, the matter was remanded to the Assessing Officer. The Assessing Officer put the assessee to notice, in response to which, the assessee contended as under: 6.1 The appellant company submits that the funds borrowed from HDFC Bank were utilized for the purpose of busine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gned judgement, allowed the assessee's appeal and deleted the disallowance. 6. The Tribunal noted different clauses of Memorandum of Association of the assessee-company which included the purpose of carrying on business of financing and leasing, as also for purchase of property and financing similar business undertakings. For the purpose of such objects, the company could acquire machinerie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l dates clearly show that assessee is very much in business in the real estate and showing the same as stock in trade in its Balance sheet. Even in its Profit and Loss account, the assessee has shown ₹ 63,43,92,800/- as sale of building forfeiture receipts. 19. Our aforementioned factual observations clearly show that the revenue authorities have grossly erred in not accepting assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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