TMI Blog2019 (1) TMI 2017X X X X Extracts X X X X X X X X Extracts X X X X ..... ts have been taken over from the sister concerns voluntarily only as a measure of support to it and knowing fully well that the same was irrecoverable - HELD THAT:- We find, as a matter of fact, that the Tribunal has taken note of the position that the Memorandum and Articles of Association permitted the assessee to carry on the business of money lending and the transactions in question have been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ues arise in these appeals and by order dated 30.11.2009, the following substantial questions of law have been admitted by this Court for resolution: '1. Whether on the facts and circumstances of the case, the Tribunal was right in holding that the assessee is entitled to relief under section 80IA of the I.T.Act, 1961? 2. Whether on the facts and circumstances of the case, the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee for the previous year. 6. In the present case, the admitted fact is that the assessee had taken over certain debts from M/s. Elgi Finance Ltd. and has offered a sum of Rs.1,74,90,872/- and Rs.87,45,435/- as interest received in respect of the debts in the same assessment years. The same have been assessed to tax. Out of the total debts, a sum of Rs.81.00 lakhs and Rs.53.00 lakh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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