AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
2013 (10) TMI 878
X X X X Extracts X X X X
X X X X Extracts X X X X
....Pardiwala, senior Advocate with Atul K. Jasani ORDER P. C. :- 1. In this appeal by the revenue for the assessment year 1998-99, the following questions of law are raised for our consideration:- a) The substantial question of law arises in the present appeal is regarding the true scope and correct interpretation of Section 36 and other provisions of the Income Tax Act, 1961 and whether ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nd in law, the Tribunal is right in allowing the interest paid on inter corporate deposits ? d) The fourt substantial question of law arises in the present appeal is regarding the true scope and correct interpretation of Section 37 and other provisions of the Income Tax Act, 1961 and whether on the facts and circumstances of the case and in law, the tribunal is right in allowing the enhancement....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he Tribunal and, therefore, see no reason to entertain the proposed question of law. 4. So far as question (c) is concerned, the Tribunal in the impugned order has upheld the finding of fact recorded by the CIT(A) that the borrowed funds on which interest has been paid was made for the purpose of business and consequently, the respondent-assessee's claim u/s.36(1)(iii) of the Act is correctly a....