considered being vehicle loan.
Further, the assessee has agreed to the disallowance of interest of Rs.30 lakhs
under section 80IC of the Act, which
after excluding the interest incurred on vehicle
loans etc. observing as under:
"8.6.5 The exempt dividend income are earned from mutual fund
investments which ... vehicle loan and
non-convertible debentures only. Unsecured loans borrowed were
repaid during the year. The interest expenditures are incurred on
vehicle loan (interest
loans or advances should be out of the accumulated profits,
possessed by such company as on the date of loan or advance.
5. Such loan ... following figures of loan fund are given-
Particulars Sch Current year (In Rs.) Previous Year (In
Rs.)
Loan Funds:
Secured loans
vehicle as per the RC book and the vehicle is merely
hypothecated to the opposite party herein for securing repayment of the loan
amount ... Loans Act, 1918 and if
the opposite partys loan agreement is permitted to prevail it would defeat the
provisions contained in the Usurious Loans
Account.
2) We have taken Term Loans, Bank Over Draft (cash Credit), Loan against the Fixed
Deposit and Vehicle Loans from various banks during ... Account. The assessee has taken Term Loans, Bank
Over Draft (Cash Credit), Loan against the Fixed Deposit and Vehicle Loans
from
ICICI Bank term loan Rs.4,74,18,684
Saraswat Bank term loan Rs.21,73,43,110
Reliance Capital vehicle loan ... Estate Holdings Pvt.Ltd.
"As seen above, the term loans (project specific loans), vehicle
loans are clearly for the purpose of business and hence
remains in
possession of the vehicle. By an agreement the vehicle can be given as security
for the loan advanced. In such a case ... agrees to keep the vehicle insured, it is expressly recited that the
vehicle has been given as security for the loan advanced by the appellants
exclude interest on Buyers credit,
discounting charges and interest on
vehicle loan from total interest payment
for calculating disallowance under Rule 8D
as not related ... account of interest on Buyers credit,
Discounting charges and interest on
vehicle loan undermining the Finance Act,
2001 effected from 01.06.2001
withdrawing the power
incurred in the form of interest on
bank overdraft, interest on vehicle loan and bank charges have been incurred for
the working capital ... overdraft
Interest on 2,61,795 2,61,795
vehicle loan
Bank charges 2,12,727 2,12,727
Total
from its members and has given various types of loans like vehicle loan,
home loan, short term loans, cash credit, etc to its members only ... retiring benefit
fund etc. It has provided loans to members, such as consumer goods loan, car
vehicle loan, food-grain loan and general purposes loan
