CIT vs. TULIP STAR HOTELS LTD
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. 08.12.2011 . . . C.M.Nos.22133/2011 and 22134/2011 . . .
These are applications for condonation of delay of 66 days in filing of the appeal and 103 days in refiling of the appeal under Section 260 A of the Income Tax Act, 1961. . .
Learned counsel for the respondent-assessee states that he has no objection if the delay are condoned. In view of the statement made, the applications are allowed and the delay in filing and refiling of the appeal are condoned. . ITA 1269/2011 . . .
The issue raised by the Revenue in the present appeal under Section 260A of the Income Tax Act, 1961 relates to disallowance of payment of interest on the capital borrowed for subscribing to the equity share capital of the subsidiary company. The stand of the Revenue is that the interest paid or expenditure incurred was not for business purposes. The present appeal relates to assessment year 2006-07. . $ 11 .