2016 (4) TMI 637

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.... ( Per: Honourable Mr. Justice Ramesh Kumar Datta ) Heard learned Senior Standing Counsel for the appellant Income-tax Department. The appeal has been filed against the order dated 11.08.2011 passed by the Income-tax Appellate Tribunal, Patna Bench, Patna, by which the appeal of the Revenue was dismissed on all counts. The Assessing Officer had, by his order dated 30.12.2009, being asse....

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....f the Tribunal, we find that barring one all the rest relate to concurrent findings of fact arrived at by the Tribunal and the C.I.T. (Appeals) and no substantial questions of law arise out of them as the said findings are based upon the facts and materials on the record and it was open to the Tribunal to have accepted the documents and the books of accounts which had been impounded including the ....

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....The said submission of learned counsel for the Revenue suffers from a fallacy as it does not take into account the fact that the assessment involved in the present matter is for the year 2007-08, whereas sub-section (3) of Section 40A of the Act has undergone an amendment with effect from 01.04.2009, i.e., for the assessment year 2009-10 onwards, under which it is now provided that no deduction sh....

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....hen in such cases and under such circumstances as may have been prescribed, having regard to the nature and extent of banking facilities available, considerations of business expediency and other relevant factors, the disallowance may not have been made. In the present matter, the Tribunal and the CIT (Appeals) have also considered the further explanation made by the assessee with regard to multip....