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Showing contexts for: Share invocation in Triumph International Finance India ... vs Dcit Cen Cir 40, Mumbai on 24 October, 2017Matching Fragments
Ground No.2 is thus allowed for statistical purposes.
32. Learned AR also placed on record the order of the Tribunal in the group concern M/s.N H Securities Limited in ITA No.1090/Mum/2017 for the A.Y.2005-06 dated 07/06/2017 wherein exactly similar issue was decided in favour of the assessee after having the following observation:-
11. We have heard rival contentions and perused the record. The assessee has furnished ledger account copy of Centurion bank account at pages 24 to 35 of the paper book. We notice there from that the assessee has been given a loan of Rs.20.00 crores by Centurion bank on 30-05-2000. The balance as on 14/02/2001 is shown as Rs. 10,99,64,081/-, which means, there is merit in the contentions of the assessee that it has repaid principal amount to the tune of Rs.9.01 crores and also the liability towards interest/charges raised by the bank till 14/02/2001 has been settled by the assessee. From the statement furnished by the assessee, a further debit towards interest/charges/payments has been raised by the bank to the tune of Rs.2.12 crores. The bank has collected a sum of Rs.6.37 crores by way of repayment, share invocation and dividend.