9911796707
TMI Blog2018 (2) TMI 1153X X X X Extracts X X X X X X X X Extracts X X X X ..... for short) challenges the order dated 21 May 2014 passed by the Income Tax Appellate Tribunal ("Tribunal" for short). This Appeal relate to the assessment year 2009-10. 2. The Revenue has urged the following questions of law for our consideration: 1. Whether on the facts and circumstances of the case and in law, the Tribunal was correct in holding the order of the Commissioner of IncomeTax (Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business user of the helicopter and personal user of the said helicopter cannot be ruled out?" 3. Re. Question 1: (a) The Assessing Officer disallowed the interest, expenditure to the extent of Rs. 77.78 Lakhs out of Rs. 2.30 Crores paid on a loan of Rs. 30.00 Crores. This on the application of Section 14A of the Act read with Rule 8D(ii) of the Income Tax Rules, 1961 ("the Rules" for short) i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l by the impugned order on examination of the facts, upheld the findings of facts arrived at by the Tribunal. It found on facts that the interest paid was nowhere related to investments made to earn exempt income either directly or indirectly. Thus, dismissed the Revenue's Appeal. (d) The concurrent findings of facts arrived at by the CIT Appeals and the Tribunal have not been shown to be in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was withdrawn on 7 September 2017, in view of low tax effect. (b) Appeal is admitted on the substantial questions of law at Nos. 2 and 3 above. 5. Registry is directed to communicate a copy of this order to the Tribunal. This would enable the Tribunal to keep papers and proceedings relating to the present Appeal available, to be produced when sought for by the Court. 6. To be heard along with I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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