2015 (8) TMI 766

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.... : Sri. K.V. Aravind, Adv. JUDGMENT These appeals are preferred by the assessee against the order passed by the Tribunal holding that the funds are given by the assessee without interest and for non business purposes and therefore, the said amounts cannot be deducted out of the total income. 2. The assessee is a partnership firm mainly carrying on real estate business and building contrac....

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.... Commissioner of Income Tax (Appeals). 3. The Appellate Commissioner accepted the case of the assessee and allowed the appeal. The said order was challenged before the Tribunal. 4. The Tribunal allowed the appeals and set aside the order passed by the First Appellate Authority against which, the assessee had preferred appeals to this Court. This Court after hearing the parties, was of the vi....

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....nce of interest when the alleged advances made by Appellant was in the course of and for the purpose of business especially when Appellant had adequate non-interest bearing funds during the relevant assessment years?" 6. We have heard the learned Counsel for the parties. 7. From the material placed on record, it is not in dispute that the assessee advanced money to the ladies out of interest....