TMI Blog2009 (3) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... consisting of fresh loans & interest on old loans - Assessee had claimed deduction u/s 57 (iii) - scope of Sec.57 - Tribunal is right in deleting the disallowance being the interest and finance charges paid on impugned loans - 1312 of 2008 - - - Dated:- 16-3-2009 - F.I. REBELLO and R.S. MOHITE, JJ. Mr. R. Ashokan for the Appellant. None for the Respondent. JUDGMENT 1. The substa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting the disallowance of Rs.17,84,036/-being the interest and finance charges paid? 2. As regards Question-(a), the answer to the same hinges on the fact as to whether the five fresh loans for the total amount of Rs.38,10,000/- taken by the assessee were genuine in nature. It was never in dispute that all these fresh loans were taken by account payee cheques and the record indicated that there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lable to the Assessing Officer. There appears to be no substance in this contention. It is mentioned in para-4 of the ITAT's judgment that two paper books were filed before the CIT (A) and the Assessing Officer was given opportunity to examine the additional corroborative documents. 4. As regards Question-(b), the Assessing Officer has disallowed the interest and finance charges of Rs.17,84,03 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tune of Rs.72.00 lacs as disclosed in the balance sheet of the assessee. The assessee had also received income by way of dividends on these shares. This income along with finance charges and the interest was shown as income from other sources. The interest was paid on loans obtained for making these investments in shares and relying upon the judgment of the Supreme Court in the case of Seth R. Da ..... X X X X Extracts X X X X X X X X Extracts X X X X
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