2015 (5) TMI 612

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....pondent : Mr. J.P. Khaitan, Sr. Adv. The Court : - This appeal has been filed by the Revenue against the order dated 19th February, 2014 passed by the Income Tax Appellate Tribunal, "B" Bench, Kolkata in I.T.A. No.1101/Kol/2012 and I.T.A. No.1528/Kol/2012 for the Assessment Year 2008-2009 on the following questions:- "i) Whether on the facts and in the circumstances of the case the learned T....

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.... So far as the question no. 1 is concerned, we find from paragraph 9 that the Tribunal while concurring with the reasoning given by the C.I.T.(A) had held as under: - "A perusal of assessee's balance-sheet as on 31.3.2008, which has been placed at page 5 of the paper book, show that opening investment as on 01.04.2007 was Rs. 110,12,51,839/- and closing value of investment as on 31.03.2008 was....

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....res were thus not a direct acquisition done by assessee. Therefore, for making such investment and for holding such shares, it cannot be said that assessee would have incurred substantial expenditure. Assessee had not purchased or sold any of the shares of M/s. Magma Shrachi Finance Ltd. during the relevant previous year. We also find that Assessing Officer had not made any disallownace for intere....

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....f an asset intended for extension of an existing business. In the case of the assessee here, we cannot say that the loan raised by assessee from ICICI Bank, which was utilized for paying advances for acquiring built up spaces, was in relation to extension of an existing business. Business of assessee was real estate and the assessee's intention was to trade in constructed spaces. It never contempl....