KUMAR URBAN DEVELOPMENT P LTD (PUNE MUMBAI REALTY P LTD MERGED WITH RIVER VIEW PROPERTIES PVT.LTD. MERGED WITH KUMAR URBAN DEVELOPMENT P LTD),PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 4,, PUNE
In the result, the appeal of the assessee in ITA
ITA 357/PUN/2018[2013-14]Status: HeardITAT Pune28 Sept 2022AY 2013-14
Bench: Shri S. S. Godara & Shri Inturi Rama Raoआयकर अपील सं. / Ita Nos.1323 & 357/Pun/2018 िनधा"रण वष" / Assessment Years: 2012-13 & 2013-14 Kumar Urban Development Vs. Dcit, Circle-4, Pune. Pvt. Ltd., (Pune Mumbai Reality Private Limited Merged With River View Properties Pvt. Ltd. & River View Properties Pvt. Ltd. Merged With Kumar Urban Development Pvt. Ltd.) 10Th Floor, Kumar Business Center, Cts No.29, Bund Garden Road, Pune-411001. Pan : Aadcp8622M Appellant Respondent Assessee By : Shri Nikhil Pathak Revenue By : Shri B. Koteswararao Date Of Hearing : 08.09.2022 Date Of Pronouncement : 28.09.2022 आदेश / Order Per Inturi Rama Rao, Am: These Are The Appeals Filed By The Assessee Directed Against The Different Orders Of Ld. Commissioner Of Income Tax (Appeals)-2 & 3, Pune [‘The Cit(A)’] Dated 15.05.2017 & 08.11.2017 For The Assessment Years 2012-13 & 2013-14 Respectively. 2. First, We Shall Take Up The Appeal In Ita No.1323/Pun/2018 For A.Y. 2012-13 For Adjudication.
For Appellant: Shri Nikhil PathakFor Respondent: Shri B. Koteswararao
Section 143(3)Section 36(1)(iii)Section 41(1)Section 41(1)(a)
96,52,457/-. The Assessing Officer was of the opinion that the interest bearing funds had been diverted for giving interest free loans to various parties and advances were not made for the business purposes. Therefore, he was of the opinion that the proportionate interest cannot be allowed as deduction u/s 36(1)(iii) of the Act.
On appeal before
