TMI Blog2018 (4) TMI 134X X X X Extracts X X X X X X X X Extracts X X X X ..... , Prop. M/s Modern Publishers, MBD House, Railway Road, Jalandhar [2017 (4) TMI 1330 - PUNJAB & HARYANA HIGH COURT] and The Pr. Commissioner of Income Tax (Central), Ludhiana v. M/s Malhotra Book Depot, MBD House, Railway Road, Jalandhar [2017 (5) TMI 638 - PUNJAB AND HARYANA HIGH COURT] as held there was sufficient non-interest borrowing funds out of which the assessee had advanced/invested in si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar Bench, Amritsar (hereinafter referred to as the Tribunal ) in ITA No. 195(Asr)/2015 for the assessment year 2011-12, claiming the following substantial questions of law:- (i) Whether on the facts and in the circumstances of the case, the Hon'ble Income Tax Appellate Tribunal, Amritsar Bench, Amritsar has erred in deleting the addition of ₹ 1,94,74,037/- on account of disallowance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red in law in ignoring an important issue that the investment made by the assessee in the shape of 'Share Application Money' in those sister concerns, the share capital of which was almost fully subscribed, was a colourable transaction of interest free loans/advances to its sister concerns and such colorable transactions are not permissible in the eyes of law? 2. Put shortly, the facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted sister concerns but the assessee had not received any interest to its sister concern in the shape of 'Share Application Money'. The assessee had claimed expenditure on account of bank interest. Accordingly, the Assessing Officer vide assessment order dated 30.12.2013 (Annexure AI) disallowed the expenditure of ₹ 1,94,74,037/- of bank interest on CC Limit and added the same to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A No. 163 of 2017 [The Pr. Commissioner of Income Tax (Central), Ludhiana v. Shri Satish Bala Malhotra, Legal Heir of Shri Ashok Kumar Malhotra, Prop. M/s Modern Publishers, MBD House, Railway Road, Jalandhar] decided on 17.4.2017 and ITA No. 31 of 2017 [The Pr. Commissioner of Income Tax (Central), Ludhiana v. M/s Malhotra Book Depot, MBD House, Railway Road, Jalandhar] decided on 23.2.2017 wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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