2019 (12) TMI 506

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..... nt ORDER P.C.: 1. This Income Tax Appeal is filed by the Revenue challenging the order of the Income Tax Appellate Tribunal. The following question is presented for our consideration: i) Whether on the facts and circumstances of the case and in law, the ITAT erred in not upholding the decision of the learned CIT (A) in allowing assessee's claim for deduction of interest on borrowed fund when .....

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..... e Tribunal by the impugned judgment held in favour of the assessee. The Tribunal referred to and relied upon the decision of the Supreme Court in case of S.A. Builders Ltd. Vs. CIT 288 ITR 1 (SC) and concluded as under: - "If the aforesaid ratio laid down by Hon'ble Apex Court is analyzed by keeping the same in juxtaposition with the facts of the present appeal, firstly, we find that there is no .....

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..... or in the position of the board of directors and assume the role to decide how much is reasonable expenditure having regard to the circumstances of the case. No businessman can be compelled to maximize his profits." 3. We do not find any error in view of the Tribunal. The entire issue is quarely covered in favour of the assessee in case of S.A. Builders Ltd. (supra). The Tribunal correctly held .....

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