M/S. Bagadia Properties Private Limited, Bangalore vs. Income Tax Officer, Ward - 1(1)(3), Bangalore
In the result, the appeal filed by the assessee is treated as partly allowed
ITA 1248/BANG/2019[2014-15]Status: DisposedITAT Bangalore31 May 2022AY 2014-15
Bench: Shri N. V. Vasudevan & Shri B. R. Baskaranassessment Year:2014-15 M/S. Bagadia Properties Private Limited, 1097 (Old) 58 (New), 18Th B Main Road, Ito, 5H Block, Rajajinagar, Ward – 1(1)(3), Vs. Bengaluru – 560 010. Bengaluru. Pan No : Aadcb 3328 E Appellant Respondent Appellant By : Shri. Shivarama Iyer, Ca Respondent By : Shri. Sankar Ganesh, Jcit(Dr)(Itat), Bengaluru. Date Of Hearing : 10.03.2022 Date Of Pronouncement : 31.05.2022 O R D E R Per B.R. Baskaran: The Assessee Has Filed This Appeal Challenging The Order Dated 01-03-2019 Passed By Ld Cit(A)-1, Bengaluru & It Relates To The Assessment Year 2014-15. Though The Assessee Has Raised Many Grounds, All Of Them Are Related To A Single Issue, Viz., Disallowance Of Interest Expenses Relating To Non-Convertible Debentures.
For Appellant: Shri. Shivarama Iyer, CAFor Respondent: Shri. Sankar Ganesh, JCIT(DR)(ITAT), Bengaluru
…hem. Accordingly, it was contended these advances have been given for the purpose of business of the assessee. In support of this proposition, the assessee has relied upon the decision rendered by Hon’ble Supreme Court in the case of S.A Builders Ltd vs. CIT (284 ITR 1). In particular, the assessee has relied upon the following observations made by Hon’ble Supreme Court in the above said case:- “We wish to make it clear that it is not our opinion that in every case interest on borrowed loan has to be allowed if the assessee advances it to a sister concern. It all depends on the facts and circumstances of the resp…
