2012 (10) TMI 148

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....ncome Tax Act, 1961 against the order of the Income Tax Appellate Tribunal dated 21.08.2008 in ITA No. 4769/Mum/2006 relating to the assessment year 1999-2000. 2. The appellant seeks to raise the following questions of law:     i) Whether on the facts and circumstances of the case, interest of Rs.46,30,658/as claimed by the Appellant is allowable as deduction?   &....

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....e sum of Rs.46,31,658/. The amount was worked out as follows: Rs.74,63,160.00 x Rs.91,00,000.00 Rs.1,46,63,160.00 5. The Tribunal upheld the order of the CIT (Appeals) by which the appellant was granted a deduction in respect of interest in the sum of Rs.19 lacs only. Rs.19 lacs constituted the difference between the OTS amount of Rs.91 lacs and the admitted principal amount of Rs.72 lacs....