2013 (12) TMI 425

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....peal has been filed under Section 260A of the Income Tax Act (hereinafter referred to as 'the Act') and is directed against the order dated 27.12.2011 passed by the Income Tax Appellate Tribunal Lucknow Bench 'A' Lucknow (hereinafter referred to as 'the Tribunal') in I.T.A. No. 264/Lkw/11 for the assessment year 2007-08. The assessee-Company is Non Banking Finance Company. The dispute relates t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nue before the Tribunal who by the order under appeal has dismissed the appeal. In the memo of appeal, the following substantial questions of law have been sought to be raised: 1) Whether on the facts and circumstances of the case, was the Tribunal legally correct on merits to hold that there is neither any receipt of real income by the assessee nor is there any enforceable right under which....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... loans and advances." Sri Shambhu Chopra, learned counsel for the department submits that there being no finding that money was advanced due to business expediency, the Tribunal was not justified in confirming the order passed by the C.I.T. (A) deleting the addition of interest income on the loan amounts. Strong reliance was placed by him on the Apex Court decision in S.A. Builders Ltd. v. Comm....