TMI Blog2016 (10) TMI 928X X X X Extracts X X X X X X X X Extracts X X X X ..... and nothing was provided by the Appellant before the authorities to establish the impossibility of the recovery of interest from the parties to whom loan was advanced, the orders could not be faulted. - Income Tax Appeal No. 633, 637, 638, 639 of 2014 - - - Dated:- 3-10-2016 - M. S. Sanklecha And S. C. Gupte, JJ. Mr. Ravi Rattesar i/b. D. M. Harish Co., for the Appellant Mrs. S. V. Bharucha, for the Respondent ORDER P. C. These four appeals filed under Section 260A of the Income Tax Act, 1961 (the Act), challenge a common order dated 30th August, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The common impugned order relates to the Assessment Years 2003-04, 2004-05, 2005-06 and 2006-07. A sepa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... September, 2011, the Appeal relating to each of the Assessment Years, was dismissed by CIT(A). 5. Being aggrieved by the order dated 29th September, 2011 of the CIT(A) for each of the concerned Assessment Years, the Appellant-Assessee preferred appeals to the Tribunal. The common order records the fact that there is no dispute between the Appellant-Assessee and the person to whom the loan was given on the issue of the loan and/or interest thereon. The impugned order records the fact that no material/ evidence had been brought to establish that any claim for repayment of interest/ loan was made on the borrowers. Thus, the impugned order upheld the finding of the CIT(A) that interest on the loan had accrued and was to be included in the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orders could not be faulted. The decision of Madras High Court in Motor Credit Co. (P) Ltd. (supra), is inapplicable in the present facts as the Tribunal there had come to a finding of fact that the interest receivable was illusory. In this case, the finding of fact is that interest is receivable. So also, in the case of Shoorji Vallabhdas Co., (supra), the finding of the Tribunal was that no income had accrued or received, therefore, not taxable unlike in the present facts. Therefore, the decisions relied upon by the Appellant are not applicable in view of difference in fact situation. Thus, this being essentially a finding of fact, the question as framed does not give rise to any substantial question of law. 9. Accordingly, Appeal d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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