2022 (8) TMI 1344

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.... For the Respondent : Mr. Mayank Nagi, Mr. Tarandeep Singh and Mr. Pulkit Verma, Advocates JUDGMENT MANMOHAN, J (Oral): 1. Present Income Tax Appeal has been filed challenging the order dated 25th January, 2021 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No.6083/Del/2017 for the Assessment Year 2011-12. 2. Learned counsel for the Appellant states that the ITAT has erre....

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....cial Year 2010-11, the Society's total borrowings was at Rs.11,352 crore, whereas the fund required for making capital and fixed assets stood at Rs.19,791 crore. Further, the bank had imposed stringent end use condition and limits while sanctioning the loans which were only for specific purposes. There was specific prohibition for the use of the funds for investment in shares of other companie....