The Principal Commissioner Of Income Tax 2 v. Honourable Mr. Justice Bhargav D. Karia

IN THE HIGH COURT OF GUJARAT AT AHMEDABADR/TAX APPEAL NO. 814 of 2019 ========================================================== THE PRINCIPAL COMMISSIONER OF INCOME TAX 2 VersusGANESH HOUSING CORPORATION LTD. ==========================================================Appearance:MRS MAUNA M BHATT(174) for the Appellant(s) No. 1 for the Opponent(s) No. 1 ========================================================== CORAM: HONOURABLE MR.JUSTICE J.B.PARDIWALAand HONOURABLE MR. JUSTICE BHARGAV D. KARIA Date : 13/01/2020 ORAL ORDER (PER : HONOURABLE MR.JUSTICE J.B.PARDIWALA) 1.This Tax Appeal is filed under Section 260A of the Income Act, 1961 (for short the “Act”) at the instance of Revenue and it is directed against the order dated 15.05.2019 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench 'B', Ahmedabad in ITA No.452/Ahd/2014 for the assessment year 2009-2010. 2.The Revenue has proposed the following questions as substantial questions of law involved in this appeal:- “2(A) Whether the Appellate Tribunal had erred in law and on facts in upholding the order of the CIT(A) deleting the disallowance of Rs.71,99,242/- made by the Assessing Officer on account of deduction under Section 80IB(10) of the Act without appreciating the fact that the Assessing Officer had established with proven evidences that the assessee did not fulfill the requisite conditions for claiming deduction under Section 80IB(10) of the Act? (B) Whether Appellate Tribunal has erred in law and on facts in upholding the order of the CIT(A) deleting the disallowance made by the Assessing Officer on account of proportionate interest expense of Rs.8,67,12,000/- without appreciating fact that the assessee company has incurred substantial interest expenses while giving interest free loans?” 3. For the reasons recorded by us today while dismissing the Tax Appeal No.734 of 2019, this Tax Appeal also fails and is hereby dismissed. (J. B. PARDIWALA, J) GIRISH (BHARGAV D. KARIA, J)