DY.C.I.T.1(1), RAIPUR (CG) vs. M/S NAVBHARAT PRESS, RAIPUR (CG)
In the result, appeal filed by Revenue is dismissed
ITA 160/BIL/2014[2010-11]Status: DisposedITAT Raipur15 Jan 2018AY 2010-11
Bench: : Shri N.S.Saini & Shri Pavan Kumar Gadale, Judical Member Dcit-1(1), Raipur-1 Vs Navbharat Press, Press Complex, G.E.Road, Raipur(C.G.)-492001 Pan No. : Aadfn 0350 R (Appellant) Tsednepser .. Revenue By : Shri Ajit Kumar Laskar, Dr Assessee By : None(Written Submission) Date Of Hearing : 12/01/2018 Date Of Pronouncement 15/01/2018 आदेश / O R D E R Per Shri N.S.Saini, Am: This Is An Appeal Filed By The Revenue Against The Order Of The Cit(A), Raipur, Dated 12.06.2014 For The Assessment Year 2010-2011. 2. The Revenue Has Raised The Following Grounds :- “1. Whether In Law & On Facts & Circumstances Of The Case, The Cit(A) Has Erred In Deleting The Disallowance Of Interest U/S.36(1)(Iii) Of The Income Tax Act, 1961 Of Rs.41,54,811/- As Interest Bearing Funds Were Used For Non-Business Purposes.” 3. Brief Facts Of The Case Are That The Assessee Is A Partnership Firm Derives Income From Printing & Publishing Of Hindi Daily Newspaper “Nav Bharat” & English Daily “Central Chronicle” From Raipur. The Assessee Filed Its Return Of Income Declaring Total Income Of Rs.1,85,77,530/-. Thereafter The Ao Framed The Assessment U/S.143(3) Of The Act Determining The Total Income Of The Assessee At Rs.2,27,32,341/-.
For Appellant: None(Written Submission)For Respondent: Shri Ajit Kumar Laskar, DR
Section 143(3)Section 36(1)(iii)Section 44A
section 36(1)(iii). The A.O. herself at paragraph 4.1 of the order has observed that, "three conditions are required to be satisfied in order to enable the assesses to claim deduction in respect of interest on borrowed capital, namely: (1) that money (capital)must have been borrowed by the assesses. (2)That it must have been borrowed
