2014 (5) TMI 232

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....R P. C. 1. This appeal challenges the order of the Income Tax Appellate Tribunal dated 7th March, 2011 passed in Income Tax Appeal Nos.4161/Mum/2008 and 4603/Mum/2008 for the assessment year 2004-2005. 2. It is alleged that the assessee, the respondent before us, is engaged in the business of manufacture and export of textiles, financial services like lease, financing, money lending, etc.....

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....d also advanced certain loans carrying 14% to 15% interest per annum. The extent of interest was disallowed on the ground that borrowing at higher rate of interest have been diverted as interest bearing advances at lower rate. Mr.Chhotaray, therefore, submits that all the three questions and which are framed are substantial questions of law and, therefore, the appeal be admitted. 5. It is then ....

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....e revenue and the other by the assessee, we find that, insofar as the first question is concerned, the Tribunal has noted the rival contentions. It has also found that the disallowance of interest expenditure was not justified. The Commissioner of Income Tax (Appeals) has rightly allowed the claim of the assessee. The finding of fact is that there is no dispute that the assessee had sufficient int....

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....n Income Tax Appeal No.3219 of 2009, this Court held that such questions cannot be said to be substantial questions of law. For the reasons assigned in that order, we are of the opinion that question No.(D) is not a substantial question of law. So far as question No.(F) is concerned, the controversy stands concluded by the order passed in Income Tax Appeal No.3704 of 2010 in the case of The Commis....