TMI Blog2017 (7) TMI 1009X X X X Extracts X X X X X X X X Extracts X X X X ..... utilized the loan for the purpose of purchase of ship, then the benefit given by the Tribunal cannot be disputed. However, contention of the learned counsel for the Revenue relying on the observations of the Commissioner (Appeals) in the Judgment is that the Assessee has not purchased the ship from the loan which has been advanced, does not appear to be proper. The Commissioner in its Judgment has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10 (1) TMI 38 - BOMBAY HIGH COURT] - Income Tax Appeal No. 81 of 2015 - - - Dated:- 24-7-2017 - S. V. Gangapurwala And A. M. Badar, JJ. Mr. N.C.Mohanty, Advocate for the Appellant Mr. Nishant Thakkar i/by Mind and Confreres, Advocate for the Respondent ORDER P. C. 1 The present Appeal pertains to the Assessment Year 2011-12. 2 Mr. Mohanty, the learned counsel for the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 23.11 Lakhs had not arisen to Revenue account. The Tribunal erred in holding that FEFG Of ₹ 23.11 Lakhs is covered under the Income offered under the TTS under Chapter XXG of the Act. 5 The learned Senior Advocate for the Respondent submits that the Tribunal has rightly held that the loan has been utilized for the purpose of purchase of ship. Even the Commissioner comes to the conclusi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for the Revenue relying on the observations of the Commissioner (Appeals) in the Judgment is that the Assessee has not purchased the ship from the loan which has been advanced, does not appear to be proper. The Commissioner in its Judgment has accepted that the Assessee has acquired Vessel Bulk Prosperity. On perusing the agreement between the Assessee and the party advancing loan, the ship, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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