2014 (9) TMI 426

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.... Ms. Padma Divakar ORDER P. C. 1. These Appeals are directed against the order passed by the Income Tax Appellate Tribunal, Pune 'B' Bench dated 4th January 2012 in an Appeal which was filed by the Appellant - Assessee. 2. The Assessment Years are 1997-98 and 1998-99. 3. Mr Naniwadekar submits that the two questions which have been framed in these Memo of Appeals are substantial quest....

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....ekar is that the Tribunal as also the Commissioner have erroneously held that the terms of the sanction letter issued by the Bank would be decisive and if they are considered, the loan was a term loan. Mr Naniwadekar submits that the governing document was the mortgage deed. The clauses thereof would indicate that the loan was a term loan but the stipulation was that at the end of four years, the ....

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....confirming the finding of the Commissioner held that the loan was for a term. That it was secured by a mortgage of the assets and properties of the Assessee borrower does not mean that the clauses or terms and conditions incorporated in the sanction letter can be ignored. This clearly shows that the loan was for a term and it was secured in the manner set out by the Deed. Such finding of fact bein....