2018 (2) TMI 1153

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....of the Income Tax Act, 1961 ("the Act" for short) challenges the order dated 21 May 2014 passed by the Income Tax Appellate Tribunal ("Tribunal" for short). This Appeal relate to the assessment year 2009-10. 2. The Revenue has urged the following questions of law for our consideration: 1. Whether on the facts and circumstances of the case and in law, the Tribunal was correct in holding....

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....submit the required details and evidences in support of the business user of the helicopter and personal user of the said helicopter cannot be ruled out?" 3. Re. Question 1: (a) The Assessing Officer disallowed the interest, expenditure to the extent of Rs. 77.78 Lakhs out of Rs. 2.30 Crores paid on a loan of Rs. 30.00 Crores. This on the application of Section 14A of the Act read with Rule ....

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....enditure was deleted. (c) On Appeal by the Revenue, the Tribunal by the impugned order on examination of the facts, upheld the findings of facts arrived at by the Tribunal. It found on facts that the interest paid was nowhere related to investments made to earn exempt income either directly or indirectly. Thus, dismissed the Revenue's Appeal. (d) The concurrent findings of facts arrived ....