The Pr. Commissioner of Income-tax-3, Ludhiana v. Incite Homecare P. Ltd
[Citation -2020-LL-0116-62]
Citation | 2020-LL-0116-62 |
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Appellant Name | The Pr. Commissioner of Income-tax-3, Ludhiana |
Respondent Name | Incite Homecare P. Ltd. |
Court | HIGH COURT OF PUNJAB & HARYANA |
Relevant Act | Income-tax |
Date of Order | 16/01/2020 |
Judgment | View Judgment |
Keyword Tags | investment in construction • purchase of land • share capital • share money • interest free fund • accommodation entries |
Bot Summary: | The appeal has been filed against the order of the CIT and Income Tax Appellate Tribunal whereby two additions made by the Assessing Officer were deleted. The issue relates to disallowance under Section 36(1)(iii) of the Income Tax Act, 1961. Admittedly, the assessee has one bank account which consists of mixed funds. The findings were reversed by the Appellate Authorities. The CIT(A) gave a categoric finding that the funds used for purchase of land and construction were interest free funds and were not those which were obtained as loan from the bank. This finding on fact has been upheld by the Tribunal. We find no reason to give a different view and both the questions are answered in negative. |