2014 (2) TMI 1273

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....e Respondent : Mr SatyenSethi and Mr Arta Trana Panda, Advs. O R D E R The Tribunal in this case allowed the assessee's appeal in respect of assessment year 2008-09 and directed the deletion of Rs. 1,70,00,000/-, sought to be brought to tax. 2. The assessee had in certain previous years obtained loans from the World Bank. In the assessments for those years, the acquisition of assets from ....

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....tion during the previous years the loan had been utilised and even successfully claimed depreciation on the assets so acquired. It was therefore contended that repayment of loan ought not to have been considered as application for funds; the learned counsel relied upon the decision of the Supreme Court in Escorts Ltd. v. Union of India 199 ITR 43 and CIT v. Ramchandra Poddar Charitable Trust (1987....