2009 (10) TMI 56

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....vs., for the respondent. JUDGMENT The judgment of the court was delivered by A.K. SIKRI, J. - While issuing notice in respect of three items, addition made by the Assessing Officer which were deleted by the CIT(A) and formed by the appeal. After hearing counsel for the parties we are of the opinion that all the issues are factual in nature where findings of facts are recorded in favour of....

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....dvances made to the parties were paid advances and in any case they were given in the earlier years i.e. before the loan was taken on which interest was paid and, therefore, these trade advances were not given out of the loan taken by the assessee. This is clearly a finding of fact. 2. The Assessing Officer had disallowed expenses to the extent of Rs.10,00,000/- under Section 14A of the Income ....

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....cord to show as to how much borrowed funds had been invested in the shares. CIT(A) on the other hand on detailed examination has given a finding that borrowed funds had been utilized only for investment in Zurich Mutual Fund and Zurich India Top 200 Fund and accordingly has reduced the disallowance to Rs.107510/-." It is clear from the above that to the extent it could be proved that investment....

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.... recorded by the CIT(A) in the following manner: "The assessee submitted before CIT(A) that the business of Sidhi Vinayak Enterprises and M/s. PDK Stock & Securities were run from 296, Forest Lane, Neb Sarai, New Delhi. It was also pointed out that Miss Sheila Kapoor had expired on 23.8.1999 and her business had been inherited by Shri Punit Kapoor and accordingly, the same was being run from 29....