Ram Kishan Oil Mills v. CIT

Sagar Realtors Private Limited, Delhi vs. ACIT Central Circle 19, New Delhi

In the result, appeal of the Assessee allowed

Bench: Shri Bhavnesh Saini

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “SMC”: DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER ITA.No.956/Del./2019 Assessment Year 2015-2016 M/s. Saga Realtors Pvt. The ACIT, Ltd., 305, 3rd Floor, Central Circle-19, Bhanot Corner, Pamposh Room No.104, Hall No.4, vs. Enclave, Greater Kailash, 1st Floor, ARA Centre, New Delhi – 110 048. Jhandewalan Extension, PAN AAJCS4951N New Delhi – 110 055. (Appellant) (Respondent) For Assessee : Shri M.P. Rastogi, Advocate. For Revenue : Shri Pradeep Singh Gautam, Sr. D.R. Date of Hearing : 14.11.2019 Date of Pronouncement : 15.11.2019 ORDER This appeal by Asse…

SHI vs. Agar Builders P.Ltd, New Delhi

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2015-16

…ay Samachar Ltd. reported in 74 ITR 723 has held as under: “In our opinion the view taken by the Income-tax Officer is clearly unsustainable. As has been pointed out by the Madhya Pradesh High Court in Ram Kishan Oil Mills v. Commissioner of Income-tax [1965] 56 ITR 186 the only conditions required to be satisfied in order to enable the asseesee to claim a deduction in respect of the interest under section 10(2)(iii) are, firstly, that money must have been borrowed by the assessee ; secondly, it must have been borrowed for the purpose of business and, thirdly, the assessee must have paid interest on the said amou…