2020 (1) TMI 625

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....he Income Tax Act, 1961, the Appellant has challenged the order dated 9 September 2016 passed by the Income Tax Appellate Tribunal. 3. This appeal pertains to the assessment year 2008-09. 4. The Appellant- Revenue has raised various questions of law in the appeal memo, however, question of law No.4(1), in our opinion, would suffice as the questions of law Nos.4(2) to 4(6) are in the nature of ar....

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.... the Assessing Officer, however, the Tribunal held in favour of the Respondent- Assessee holding that the claim of the Assessee was allowable. 6. The decision of the Supreme Court in the case of S.A.Builders Ltd. v. Commissioner of Income Tax (Appeals), Chandigarh  (2007) 158 Taxman 74 (SC) holds the field on the issue of the assessee not being in the business of giving loans. The decision o....