TMI Blog2014 (9) TMI 1169X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Revenue have been dismissed by Tribunal on identical facts. The Tribunal, for said order, in turn, has relied on the earlier order of the Tribunal dated 11.09.2013 for the A.Y. 2005-06, wherein it has been held that the assessee has commenced its business activity in March, 2004. In view of the fact that the Ld.CIT(A) has relied on his own orders for the earlier assessment years, which has been confirmed by the Tribunal, and also since the Revenue is not in a position to bring any contradictory facts during the year under consideration, we do not find any justifiable reason to interfere with the decision of the Ld.CIT(A) and thus the same deserves to be upheld. Addition made by the AO in respect of interest on borrowed capital ut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the consequent disallowance of the expenses. 2.1 The relevant facts are that the assessee, a company engaged in the business of developers of Biotech Park, construction, leasing and sale of commercial properties, in its return had declared a business loss of ₹ 3,80,55,754/-, income from House Property at ₹ 38,17,890/- and income from other sources at ₹ 26,16,171/- and set off the said business loss against the such income. In the assessment framed, the AO was of the view that in the absence of business activity, the assessee was not entitled to claim the business loss. Also, the AO held that the expenditure claimed by the assessee were to be capitalized. On appeal, the Ld.CIT(A) by relying on his own orders for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bring any contradictory facts during the year under consideration, we do not find any justifiable reason to interfere with the decision of the Ld.CIT(A) and thus the same deserves to be upheld. Resultantly, Grounds No. 1 and 2 are dismissed. 3. In Ground No. 3, the Revenue has agitated the decision of the Ld.CIT(A) in deleting the addition made by the AO in respect of interest on borrowed capital utilized for construction of property. 3.1 At the outset it is observed that the Ld.CIT(A), by following his own order for the A.Y. 2008-09, on the similar issue, has deleted the addition made by the AO. The said decision of the Ld.CIT(A) has been confirmed by the Tribunal. The Tribunal, in the said order, has held that if interest has been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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