2017 (7) TMI 1009

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....dvocate for the Respondent ORDER P. C. 1 The present Appeal pertains to the Assessment Year 2011-12. 2 Mr. Mohanty, the learned counsel for the Appellant submits that the Tribunal was not justified in holding that FEFG of Rs. 7.53 crores is not taxable in this year under Section 43A of the Act. According to the learned counsel, the Assessee had not purchased the Ship. If the Assessee w....

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....at the Tribunal has rightly held that the loan has been utilized for the purpose of purchase of ship. Even the Commissioner comes to the conclusion that the Assessee has acquired 'Vessel Bulk Prosperity'. The same is subject matter of the agreement for which the loan was advanced to the present Assessee. The learned Senior Advocate further submits that as far as revenue expenditure of Rs. ....

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....hat the Assessee has acquired Vessel Bulk Prosperity. On perusing the agreement between the Assessee and the party advancing loan, the ship, as is subject matter of the said agreement, means 10500 deadweight tonne motor vessel bulk cargo transhipper known as "Bulk Prosperity". The Commissioner accepts that the Assessee has acquired Bulk Prosperity. In view of this, the finding of the Tribunal that....