TMI Blog2019 (6) TMI 1166X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 once the conclusion reached is that it is contractor and not developer as stated in the sub-section? Proportionate disallowance of interest on diversion and advance of funds for non-business purposes and investment in non-business activities - whether all the funds are in common hotchpotch and it cannot be distinguished / proved whether such advances are out of own funds or out of interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AL NO. 471 OF 2017 WITH INCOME TAX APPEAL NO. 650 OF 2017 INCOME TAX APPEAL NO. 663 OF 2017 - - - Dated:- 18-6-2019 - AKIL KURESHI S.J. KATHAWALLA, JJ. Mr. N.N. Singh for the Appellant Mr. S.R. Mody a/w Ms. Aasifa Khan for the Respondent P.C.: 1. Heard. 2. The appeals are admitted for consideration of following substantial question of law: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In so far this question is concerned, the Assessing Officer had disallowed the deduction of interest expenditure on the ground that the assessee had diverted interest bearing funds for non-business purposes. The assessee had outstanding balance shown in the ledger accounts of the piece workers which remained unchanged through out the year. According to the Assessing Officer, this would show that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... much higher than the advances made by the assessee. Thus, no interest bearing funds were utilized by the assessee for such purpose. Essentially, this is a question of facts concurrently held by the CIT(A) as well as Tribunal in favour of the assessee. No question of law arises in this respect. 6. Learned counsel for the Revenue, however, relied on a decisions of Punjab and Haryana High C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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