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TMI Blog2018 (6) TMI 1238X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Sourav Bagaria, Mr. G. S. Gupta, Advocates for the respondent ORDER The Court : These two matters cover two assessment years 2000-2001 and 2003-2004. The Commissioner (Appeals) held in favour of the assessee in either case and the orders of the Commissioner (Appeals) have been upheld by the Appellate Tribunal in the orders impugned. The order of the Commissioner (Appeals) in the latter case m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d order of May 7, 2018, this Court relied on the Supreme Court judgments reported at 228 ITR 238 (Sahney Steel & Press Works V. CIT) and 306 ITR 392 (CIT V. Ponni Sugars & Chemicals Ltd.) to hold that it is the purpose of the grant under a scheme which is of paramount importance while assessing whether the money received thereunder ought to be treated as a revenue receipt or a capital receipt. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or any interference. As far as the first issue is concerned, pertaining to the deduction of the interest paid on obtaining a loan, both the Commissioner (Appeals) and the Appellate Tribunal noticed an agreement between the assessee, the National Dairy Development Board and the West Bengal Cooperative Mill Producers Federation Limited to set up a joint venture company for the production of milk. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the question have been rendered by the Commissioner (Appeals) and the Appellate Tribunal and the nature of the investment made by the assessee with the borrowed funds appears to be in the line of its business, the legal issue does not call for any reconsideration. ITAT 175 of 2014 along with G.A.3609 of 2014 and ITA 176 of 2014 along with G.A.3610 of 2014 are dismissed. There will be no orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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