CIT v. Walchand & Co.

65 ITR 381Supreme Court of India1967#246 most cited

What is CIT v. Walchand & Co. authority for?

The necessity and reasonableness of business expenditure, including the utilization of borrowed funds, must be judged from the perspective of a businessman based on commercial expediency, and cannot be dictated by revenue authorities. The onus is on the assessee to demonstrate the business purpose and commercial expediency.

314

judgments rely on this decision, according to BharatTax’s citation analysis of 367,837 Indian tax judgments — from 2008 to 2026.

Also referred to as

CIT v. Walchand & Co. · 65 ITR 381 · Section 40A(2) · Section 40A(3) · business expediency · commercial expediency · reasonableness of expenditure · necessity of expenditure · businessman's point of view · onus on assessee · disallowance of expenditure · revenue dictating expenses

Sections most often in play

Section 143(3)Section 14ASection 148Section 147Section 40A(2)(b)Section 40A(3)Section 142(1)Section 142(2A)

Issues it is cited on

section 40(3)short deduction of tdsinterest on interestsection 40a(2)(b)closely held companyshort deduction of taxbusiness expediencysection 40a(2)accumulated profitsrelated party transactioncommercial expediencysection 194j

Judgments citing CIT v. Walchand & Co.

Manglayatan Projects P.Ltd, New Delhi vs. Addl.CIT, Special Range-4, New Delhi

In the result, the appeal filed by the assessee stands Partly

ITA 5527/DEL/2018[2014-15]Status: DisposedITAT Delhi27 Aug 2025AY 2014-15

Bench: Shri Anubhav Sharma & Shri Krinwant Sahay, Accoutant Member Asstt. Year : 2014-15 Manglayatan Projects Pvt. Ltd., Vs. Addl. Cit, Special Range-04, A-86, Gali No. 9, New Delhi Chander Vihar, Mandawali, New Delhi (Pan: Aaicm3804H) (Appellant) (Respondent) Appellant By : Sh. Prateek Mittal, Ca Respondent By : Ms. Harpreet Kaur Hansra, Sr. Dr. Date Of Hearing 20.08.2025 Date Of Pronouncement 27.08.2025 Order

For Appellant: Sh. Prateek Mittal, CAFor Respondent: Ms. Harpreet Kaur Hansra, SR. DR
Section 131Section 143(3)Section 14ASection 36(1)(iii)Section 68

…t were justified by reasons of commercial expediency or not. The assessee has provided justification in very casual and mechanical manner in its written submissions filed during appellate proceedings. In yet another case- CIT v. Walchand & Co. (P.) Ltd.[1967] 65 ITR 381 (SC), it was observed that yardstick will have to be taken from the businessman point of view but the businessman must be a prudent businessman, the tax authorities are still entitled to examine the business expediency. This was the ratio of the Punjab and Haryana High Court decision in CIT v Rockman Cycle Industries Pvt. Ltd. reported in 326 ITR…

Deputy Commissioner of Income Tax, Delhi vs. M/S. Shrish Enterprises Private Limited, Delhi

ITA 5315/DEL/2024[2018-19]Status: DisposedITAT Delhi21 Aug 2025AY 2018-19

Bench: Ms. Madhumita Roy & Shri Naveen Chandradcit, Room No. 225E, Cr Vs. M/S Shrish Enterprise Building, 2Nd Floor, Private Limited, Hall No. Ip Estate, 3 & 4, M-27/2, Badli New Delhi - 110002 Industrial Estate, Badli, Delhi – 110042 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aafcs0684N Appellant .. Respondent

For Appellant: Sh. Nitin Gulati, Adv. &For Respondent: Sh. Manish Gupta, Sr. DR
Section 142(1)Section 143(2)Section 143(3)Section 68

…urt of this land has laid down, as seen in the following cases, that reasonableness of the expenditure has to be seen from businessman, point of view." P a g e | 7 DCIT Vs. M/s Shrish Enterprise Pvt. Ltd. (AY: 2018-19) • CIT v. Walchand & Co. (P) Ltd. [1967] 65 ITR 381(SC) • J.K. Woollen Manufacturers v. CIT[1969] 72 ITR 612 (SC) • Aluminum Corpn. of India L TD. v. CIT [1972] 86 ITR 11 (SC) Reliance is further placed in: • CIT Vs. Dhanrajgirji Raja Narasingirji 91ITR 544 (SC), wherein it has been held that it is not open to department to prescribe what expenditure appellant should incur and in what circumstance…

Procter & Gamble Hygiene and Health Care Limited, Mumbai vs. DCIT-2(3)(1), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 3518/MUM/2025[2015-16]Status: DisposedITAT Mumbai31 Jul 2025AY 2015-16

Bench: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

Section 147Section 148Section 192Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘C’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SMT RENU JAUHRI, ACCOUNTANT MEMBER Procter & Gamble Vs. Assessment Unit, Hygiene and Health National Faceless Care Limited Assessment Centre, 495, P & G Plaza Delhi Cardinal Gracias Road (Dy. Commissioner of Chakala, Andheri (E) Income Tax-2(3)(1), Mumbai – 400 099 Mumbai PAN/GIR No.AAACP6332M (Appellant) .. (Respondent) Assessee by Shri Yogesh Thar & Shri Urvish Shah Revenue by Shri R.A. Dhyani, CIT DR Date of Hearing 15/07/2025 Date of Pronouncement 31/07/2025 आदेश / O R D E R PER AMIT SHUKLA (J.M): The afor…

Devika Buildestate Private Limited, Jaipur vs. Income Tax Officer, Jaipur

In the result, the appeal of the assessee is allowed

ITA 525/JPR/2025[2012-13]Status: DisposedITAT Jaipur21 Jul 2025AY 2012-13

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Sh. Vinod Kumar Gupta, CAFor Respondent: Sh. Gautam Singh Choudhary, Addl. CIT
Section 133(6)Section 142(1)Section 143(2)Section 143(3)Section 271(1)(c)

…rities must put themselves in the shoes of the assessee and see how a prudent businessman would act. The authorities must not look at the matter from their own view point but that of a prudent businessman.” Similarly, in CIT v. Walchand& Co. Pvt. Ltd. (1967) 65 ITR 381 (SC), the Supreme Court held that the reasonableness of the expenditure has to be judged from the point of view of the businessman and not the AO. 1.5. The department cannot substitute its own judgment for that of the assessee in matters of business expenditure. Unless the AO brings on record material to show that the expenditure is not genuine o…

Dy. Commissioner of Income Tax (International Taxation), Jaipur, Highcourt Circle vs. Late Vandana Agarwal Through Legal Heir Sh. Nishit Agarwal, Jaipur

In the result the appeal of the revenue is allowed for statistical

ITA 1237/JPR/2024[2017-18]Status: DisposedITAT Jaipur16 Jul 2025AY 2017-18
For Appellant: Sh. Ashish Sharma, Adv. &For Respondent: Mrs. Alka Gautam, CIT-DR
Section 143(3)

…across his contention which state that it is the personal decision of the appellant as to where he should keep the cash withdrawn, which do not affect taxability. The appellant has relied upon two case laws, in the case ofCIT V/s Walchand & Co. (P) Ltd. (196765 ITR 381 (SC) the court has said that In applying the test of commercial expediency for determining whether the expenditure was wholly and exclusively laid out for the purpose of the business, reasonableness of the expenditure has to be adjudged from the point of view of the businessman and not of the revenue. In the case of CIT v Rockman Cycle Industries…

DCIT, Mumbai vs. J Kumar Infraprojects Limited, Mumbai

The Appeal of the Assessee is partly allowed and that of the department is dismissed

ITA 4593/MUM/2024[2017-18]Status: DisposedITAT Mumbai03 Jul 2025AY 2017-18

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

Section 250Section 69A

…s and not all the employees of the Assessee Company since it is only the Assessee who knows the benefits accrued to it by retaining the key employees. As held by various decisions including that of Hon’ble Supreme Court in CIT v. Walchand & Co. P. Ltd. [1967] 65 ITR 381 (SC); S. A. Builders v. CIT [2007] 288 ITR 1 (SC); Udaiput Distillery Co. Ltd. 224 CTR 32 (SC); J.K. Woollen Manufacturing v. CIT (1969) 72 ITR 612 (SC) have held that the expenditure incurred have to be adjudged from the point of view of businessmen and not the revenue. The revenue cannot justifiably claim to put itself in the arm-chair of the bu…

DCIT CC 5-1, Mumbai vs. J Kumar Infraprojects Limited, Mumbai

The Appeal of the Assessee is partly allowed and that of the department is dismissed

ITA 4591/MUM/2024[2018-19]Status: DisposedITAT Mumbai03 Jul 2025AY 2018-19

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

Section 250Section 69A

…s and not all the employees of the Assessee Company since it is only the Assessee who knows the benefits accrued to it by retaining the key employees. As held by various decisions including that of Hon’ble Supreme Court in CIT v. Walchand & Co. P. Ltd. [1967] 65 ITR 381 (SC); S. A. Builders v. CIT [2007] 288 ITR 1 (SC); Udaiput Distillery Co. Ltd. 224 CTR 32 (SC); J.K. Woollen Manufacturing v. CIT (1969) 72 ITR 612 (SC) have held that the expenditure incurred have to be adjudged from the point of view of businessmen and not the revenue. The revenue cannot justifiably claim to put itself in the arm-chair of the bu…

DCIT CC 5 1 Mumbai, Mumbai vs. J Kumar Infraprojects Ltd, Mumbai

ITA 4590/MUM/2024[2019-20]Status: DisposedITAT Mumbai03 Jul 2025AY 2019-20

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

Section 250Section 69A

…s and not all the employees of the Assessee Company since it is only the Assessee who knows the benefits accrued to it by retaining the key employees. As held by various decisions including that of Hon’ble Supreme Court in CIT v. Walchand & Co. P. Ltd. [1967] 65 ITR 381 (SC); S. A. Builders v. CIT [2007] 288 ITR 1 (SC); Udaiput Distillery Co. Ltd. 224 CTR 32 (SC); J.K. Woollen Manufacturing v. CIT (1969) 72 ITR 612 (SC) have held that the expenditure incurred have to be adjudged from the point of view of businessmen and not the revenue. The revenue cannot justifiably claim to put itself in the arm-chair of the bu…

J Kumar Infraprojects Limited, Mumbai vs. The Dy Commissioner of Income Tax Central Circle -5(1), Mumbai

The Appeal of the Assessee is partly allowed and that of the department is dismissed

ITA 4153/MUM/2024[2020-21]Status: DisposedITAT Mumbai03 Jul 2025AY 2020-21

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

Section 250Section 69A

…s and not all the employees of the Assessee Company since it is only the Assessee who knows the benefits accrued to it by retaining the key employees. As held by various decisions including that of Hon’ble Supreme Court in CIT v. Walchand & Co. P. Ltd. [1967] 65 ITR 381 (SC); S. A. Builders v. CIT [2007] 288 ITR 1 (SC); Udaiput Distillery Co. Ltd. 224 CTR 32 (SC); J.K. Woollen Manufacturing v. CIT (1969) 72 ITR 612 (SC) have held that the expenditure incurred have to be adjudged from the point of view of businessmen and not the revenue. The revenue cannot justifiably claim to put itself in the arm-chair of the bu…

J Kumar Infraprojects Limited, Mumbai vs. The Dy Commissioner of Income Tax Central Circle -5(1), Mumbai

The Appeal of the Assessee is partly allowed and that of the department is dismissed

ITA 4151/MUM/2024[2022-23]Status: DisposedITAT Mumbai03 Jul 2025AY 2022-23

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

Section 250Section 69A

…s and not all the employees of the Assessee Company since it is only the Assessee who knows the benefits accrued to it by retaining the key employees. As held by various decisions including that of Hon’ble Supreme Court in CIT v. Walchand & Co. P. Ltd. [1967] 65 ITR 381 (SC); S. A. Builders v. CIT [2007] 288 ITR 1 (SC); Udaiput Distillery Co. Ltd. 224 CTR 32 (SC); J.K. Woollen Manufacturing v. CIT (1969) 72 ITR 612 (SC) have held that the expenditure incurred have to be adjudged from the point of view of businessmen and not the revenue. The revenue cannot justifiably claim to put itself in the arm-chair of the bu…

J Kumar Infraprojects Limited, Mumbai vs. The Dy Commissioner of Income Tax Central Circle -5(1), Mumbai

The Appeal of the Assessee is partly allowed and that of the department is dismissed

ITA 4150/MUM/2024[2019-20]Status: DisposedITAT Mumbai03 Jul 2025AY 2019-20

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

Section 250Section 69A

…s and not all the employees of the Assessee Company since it is only the Assessee who knows the benefits accrued to it by retaining the key employees. As held by various decisions including that of Hon’ble Supreme Court in CIT v. Walchand & Co. P. Ltd. [1967] 65 ITR 381 (SC); S. A. Builders v. CIT [2007] 288 ITR 1 (SC); Udaiput Distillery Co. Ltd. 224 CTR 32 (SC); J.K. Woollen Manufacturing v. CIT (1969) 72 ITR 612 (SC) have held that the expenditure incurred have to be adjudged from the point of view of businessmen and not the revenue. The revenue cannot justifiably claim to put itself in the arm-chair of the bu…

Amit Kumar Sen, Hooghly vs. ACIT, Circle 23(1), Hooghly

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 388/KOL/2025[2017-18]Status: DisposedITAT Kolkata25 Jun 2025AY 2017-18

Bench: Shri George Mathan & Shri Sanjay Awasthiआयकर अपील सं/Ita No.388/Kol/2025 (निर्धारण वर्ा / Assessment Year : 2017-2018) Amit Kumar Sen, Vs Acit, Circle-23(1), Hooghly Sahapur, Tarakeswar, Hooghly (Wb)-712410 Pan No. :Aavfs 6967 R (अपीलधर्थी /Appellant) .. (प्रत्यर्थी / Respondent) निर्धाररती की ओर से /Assessee By : Shri P.K.Ray, Shri S.N.Patra & Shri Trideep Nayak, Ars रधजस्व की ओर से /Revenue By : Shri Abhijit Adhikary, Addl/Cit-Sr.Dr सुनवाई की तारीख / Date Of Hearing : 25/06/2025 घोषणा की तारीख/Date Of Pronouncement : 25/06/2025 आदेश / O R D E R Per George Mathan, Jm : This Is An Appeal Filed By The Assessee Against The Order Dated 27.12.2024 Of The Ld. Cit(A), National Faceless Appeal Centre (Nfac), Delhi, Passed In Din & Order No.Itba/Nfac/S/250/2024- 25/1071619653(1) For The Assessment Year 2017-2018. 2. Shri P.K.Ray, Shri S.N.Patra & Shri Trideep Nayak, Ld. Ars Appeared On Behalf Of The Assessee. Shri Abhijit Adhikary, Ld. Sr.Dr Appeared On Behalf Of The Revenue. 3. At The Time Of Hearing, Ld. Ar Was Specifically Asked To Point Out How The Assessee Has Responded To The Chart Issued By The Assessing Officer, Which Is Recorded In Page 3 Of The Assessment Order. Other Than Referring To Various Replies That Have Been Filed By The Assessee, Which Were Uploaded From The Portal, No Specific Reply To The Said Para Was Pointed Out. Admittedly, The Assessee Has Not Been Able To Dislodge The Said Chart.

For Appellant: Shri P.K.Ray, Shri S.N.Patra and Shri Trideep Nayak, ArsFor Respondent: Shri Abhijit Adhikary, Addl/CIT-Sr.DR
Section 142(1)Section 143(2)

…s with the revenue, especially when accounts are audited and supported by ledgers. 5. Reliance on Established Case Law The following judgments from the Honbie Supreme Court further substantiate the Appellant's claim: • CIT v. Waichand and Co. Pvt. Ltd. (1967) 65 ITR 381 (SC): This landmark judgment establishes that the reasonableness of an expense should be judged from the perspective of the businessman and not the Revenue. The Ld. Assessing Officer cannot substitute his commercial wisdom for that of the assessee when legitimate business expenditures are incurred. The expenditure on tea and tiffin, from a busines…

Indian Coal Agency, Kolkata vs. DCIT, Circle-35, Kolkata

In the result, the appeal for AY 2013-14 is partly allowed

ITA 868/KOL/2018[2015-16]Status: DisposedITAT Kolkata20 May 2025AY 2015-16

Bench: Sonjoy Sarma & Sri Rakesh Mishra

Section 143(3)Section 14A

…business people to understand what are the principles of commercial expediency. Unless one understands these principles, it is difficult to make a proper assessment, on a business or on a businessman. Further, In the case of CIT vs. Walchand & Co. Ltd. (1967) 65 ITR 381(SC), the Apex Court further observed that the reasonableness of the expenditure has to be adjudged from the view point of the businessmen. Held: "When a claim for allowance under section 10(2)(xv) of the Income-tax Act is made, the income-tax authorities have to decide whether the expenditure claimed as an allowance was incurred voluntarily and on…

Indian Coal Agency, Kolkata vs. Principal CIT, Circle - 12, Kolkata

In the result, the appeal for AY 2013-14 is partly allowed

ITA 867/KOL/2018[2013-14]Status: DisposedITAT Kolkata20 May 2025AY 2013-14

Bench: Sonjoy Sarma & Sri Rakesh Mishra

Section 143(3)Section 14A

…business people to understand what are the principles of commercial expediency. Unless one understands these principles, it is difficult to make a proper assessment, on a business or on a businessman. Further, In the case of CIT vs. Walchand & Co. Ltd. (1967) 65 ITR 381(SC), the Apex Court further observed that the reasonableness of the expenditure has to be adjudged from the view point of the businessmen. Held: "When a claim for allowance under section 10(2)(xv) of the Income-tax Act is made, the income-tax authorities have to decide whether the expenditure claimed as an allowance was incurred voluntarily and on…

DCIT, Circle-35, Kolkata vs. M/S. Indian Coal Agency, Kolkata

In the result, the appeal for AY 2013-14 is partly allowed

ITA 1258/KOL/2018[2015-16]Status: DisposedITAT Kolkata20 May 2025AY 2015-16

Bench: Sonjoy Sarma & Sri Rakesh Mishra

Section 143(3)Section 14A

…business people to understand what are the principles of commercial expediency. Unless one understands these principles, it is difficult to make a proper assessment, on a business or on a businessman. Further, In the case of CIT vs. Walchand & Co. Ltd. (1967) 65 ITR 381(SC), the Apex Court further observed that the reasonableness of the expenditure has to be adjudged from the view point of the businessmen. Held: "When a claim for allowance under section 10(2)(xv) of the Income-tax Act is made, the income-tax authorities have to decide whether the expenditure claimed as an allowance was incurred voluntarily and on…

Shubham Landcon Limited Liability Partnership, Jaipur vs. ACIT, Circle-6, Jaipur

In the result, appeal of the assessee is allowed

ITA 1053/JPR/2024[2016-17]Status: DisposedITAT Jaipur29 Apr 2025AY 2016-17
For Appellant: Shri Arpit Vijay, C.AFor Respondent: Shri P.P. Meena, CIT
Section 143(2)Section 250

…elhi Trib.) 4. Kailash Chand Agrawal v. DCIT 29-33 (2022) 139 taxmann.com 462 (Raipur-Trib.) 5. Sheo Bhagwan Goel v. ACIT 34-37 (2022) 139 taxmann.com 259 (Raipur-Trib.) ،، The Hon'ble Supreme Court in the case of CIT (Bom.) vs. Walchand& Company Pvt. Ltd. in 65 ITR 381 (SC) held that in applying the test of commercial expediency for determining whether an expenditure was wholly and exclusively for business, the expenditure has to be adjudged from the point of view of the businessman and not of revenue. Thus, we find that Assessing Officer has made the disallowance purely on guess work and without cogent reasonin…

Cobol Technologies P.Ltd, New Delhi vs. ACIT, Central Circle-18, New Delhi

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 5505/DEL/2018[2014-15]Status: DisposedITAT Delhi25 Apr 2025AY 2014-15

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rowed funds were in fact utilized for the business purposes. There is no dispute to the settle position as envisaged by the Hon’ble Apex Court in various decisions including DCIT vs. Core Health Care Ltd., 298 ITR 194 (SC); CIT vs. Walchand & Company P. Ltd., 65 ITR 381; J.K. Woollen Manufacturers vs. CIT, 72 ITR 612; & SA Builders Ltd. vs CIT 288 ITR 1. However, in the first-place onus is on the assessee to show that the interest- bearing funds were advanced for business purposes and for commercial expediency. Thus, in light of uncontroverted findings of the First Appellate Authority, we see no reason to interfe…

Shri Ganesh Bhivraj Bhutada, Pune vs. ACIT, Central Circle1(1), Pune

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 1132/PUN/2024[2018-19]Status: DisposedITAT Pune06 Mar 2025AY 2018-19

Bench: Shri R. K. Panda & Shri Vinay Bhamore

For Appellant: Shri V Narendra Sharma, AdvocateFor Respondent: Shri Amol Khairnar, CIT-DR
Section 132Section 132(4)Section 133ASection 143(1)Section 143(2)Section 153C

…principle of audi alteram partem, a basic principle of natural justice, which must inform every quasi-judicial process and must be observed in the requirement of law and further the Apex Court's decision in the case of CIT Vs. Walchand and Co. Pvt. Ltd (1967) 65 ITR 381 (SC) wherein it was held that the practice of recording a decision without reasons in support cannot, but be deprecated. The appellate order therefore so passed confirming two additions as raised in the grounds without application of mind merely referring to contention of the Assessing Officer and ignoring totally the contention of the appellant b…

Shri Ganesh Bhivraj Bhutada, Pune vs. ACIT, Central Circle1(1), Pune

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 1131/PUN/2024[2017-18]Status: DisposedITAT Pune06 Mar 2025AY 2017-18

Bench: Shri R. K. Panda & Shri Vinay Bhamore

For Appellant: Shri V Narendra Sharma, AdvocateFor Respondent: Shri Amol Khairnar, CIT-DR
Section 132Section 132(4)Section 133ASection 143(1)Section 143(2)Section 153C

…principle of audi alteram partem, a basic principle of natural justice, which must inform every quasi-judicial process and must be observed in the requirement of law and further the Apex Court's decision in the case of CIT Vs. Walchand and Co. Pvt. Ltd (1967) 65 ITR 381 (SC) wherein it was held that the practice of recording a decision without reasons in support cannot, but be deprecated. The appellate order therefore so passed confirming two additions as raised in the grounds without application of mind merely referring to contention of the Assessing Officer and ignoring totally the contention of the appellant b…

M/S Yum Restaurants (India) Pvt. Ltd., Gurgaon vs. ITO, New Delhi

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 2369/DEL/2016[1999-00]Status: DisposedITAT Delhi11 Feb 2025AY 1999-00

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rowed funds were in fact utilized for the business purposes. There is no dispute to the settle position as envisaged by the Hon’ble Apex Court in various decisions including DCIT vs. Core Health Care Ltd., 298 ITR 194 (SC); CIT vs. Walchand & Company P. Ltd., 65 ITR 381; J.K. Woollen Manufacturers vs. CIT, 72 ITR 612; & SA Builders Ltd. vs CIT 288 ITR 1. However, in the first-place onus is on the assessee to show that the interest- bearing funds were advanced for business purposes and for commercial expediency. Thus, in light of uncontroverted findings of the First Appellate Authority, we see no reason to interfe…