TMI Blog2022 (8) TMI 1344X X X X Extracts X X X X X X X X Extracts X X X X ..... ial Year 2010-11, the Society's total borrowings was at Rs.11,352 crore, whereas the fund required for making capital and fixed assets stood at Rs.19,791 crore. The bank had imposed stringent end use condition and limits while sanctioning the loans which were only for specific purposes. There was specific prohibition for the use of the funds for investment in shares of other companies and c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MANMOHAN, J (Oral): 1. Present Income Tax Appeal has been filed challenging the order dated 25th January, 2021 passed by the Income Tax Appellate Tribunal ( ITAT ) in ITA No.6083/Del/2017 for the Assessment Year 2011-12. 2. Learned counsel for the Appellant states that the ITAT has erred in holding that it was incumbent upon the Assessing Officer to demonstrate that interest - beari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uired for making capital and fixed assets stood at Rs.19,791 crore. Further, the bank had imposed stringent end use condition and limits while sanctioning the loans which were only for specific purposes. There was specific prohibition for the use of the funds for investment in shares of other companies and capital markets. So the borrowed funds could not have been utilised for the investment purpo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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