TMI Blog2022 (7) TMI 442X X X X Extracts X X X X X X X X Extracts X X X X ..... pment during the year under consideration as it had undertaken more than nine projects and had carried inventory of Rs.53.87 crores of traded goods in the form of apartments which were ready for sale and which were sold in the subsequent years. The two authorities below have also found that the respondent-assessee had participated in joint venture projects outside India in consonance with its Memorandum of Association and there was clear connection between the money borrowed and its utilization for the purposes of business of real estate and infrastructural development. Both the appellate authorities also observed that the assessee duly demonstrated that the funds borrowed had been deployed/invested for various business projects of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ocate with Mr.Udit Naresh and Mr.Himanshu Aggarwal, Advocates. J U D G M E N T MANMOHAN, J (Oral): 1. Present Income Tax Appeal has been filed challenging the Order dated 30th June, 2021 passed by the Income Tax Appellate Tribunal ( ITAT ) in ITA No. 3736/Del/2016 for the Assessment Year 2009-10. 2. Learned counsel for the Appellant states that the ITAT has erred in deleting the additions made by the Assessing Officer on account of disallowance of travel expenses without considering that the assessee had failed to explain the purpose of the journey and that it was wholly and exclusively for business. 3. He also states that the ITAT has erred in deleting the additions made by the Assessing officer on account of disa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts Memorandum of Association and there was clear connection between the money borrowed and its utilization for the purposes of business of real estate and infrastructural development. Both the appellate authorities also observed that the assessee duly demonstrated that the funds borrowed had been deployed/invested for various business projects of the assessee such as Rs.10 crores utilized for furnishing bank guarantee for bidding for lease hold rights from Rail Land Development Authority, Rs.25.50 crores for aggregation of land to develop residential/commercial complex-which is main business of the company, Rs.6.05 crore for payment of interest and other expenses, Rs.22 crores paid to AKC Developers Ltd. as equity contribution in JV of Muni ..... X X X X Extracts X X X X X X X X Extracts X X X X
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