Gujarat High Court
Vijaykumar D Gupta vs Joint Commissioner Of Income Tax ... on 10 September, 2009
Author: K.S.Radhakrishnan
Bench: K.S.Radhakrishnan
TAXAP/874/2009 1/1 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL No. 874 of 2009
With CIVIL APPLICATION No. 321 of 2009
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VIJAYKUMAR D GUPTA Appellant(s)
Versus
JOINT COMMISSIONER OF INCOME TAX SPECIAL RANGE8 Opponent(s)
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Appearance :
MRS SWATI SOPARKAR for Appellant(s) : 1,
None for Opponent(s) : 1,
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CORAM : HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN
HONOURABLE MR.JUSTICE AKIL KURESHI
Date : 10/09/2009
ORAL ORDER
(Per : HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN) Draft Amendment is allowed. Amendment be carried out within three days. Heard learned counsel for the appellant.
Admit.
Issue notice to the respondent on the following substantial questions of law:
"(i) Whether in the facts and circumstances of the case the Income Tax Appellate Tribunal was right in law in holding that the interest expenditure amounting to Rs.1,74,01,007/ incurred by the appellant on the funds borrowed for the purpose of business of making share application is not business expenditure and therefore not eligible for deduction?
(ii) Whether in the facts and circumstances of the case the Income Tax Appellate Tribunal was right in law in not appreciating that borrowings have ultimately been used for the purpose of business and therefore interest upon the same has to be allowed as business expenditure u/S.36(1)(iii) of the Act?
(iii) Whether in the facts and circumstances of the case the Income Tax Appellate Tribunal was right in law in disallowing interest expenditure u/S.57(iii) of the Act?"
Post along with Tax Appeal No. 474 of 2006 after service of notice.
(K.S. RADHAKRISHNAN, C.J.) (AKIL KURESHI, J.) [sn devu] pps HC-NIC Page 1 of 1 Created On Wed Jun 15 02:15:19 IST 2016