Pr. Commissioner Of Income Tax, Delhi-7 v. M/S Pushpanjali Fincon Pvt. Ltd.

$~29 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 518/2022 PR. COMMISSIONER OF INCOME TAX, DELHI-7 ..... Appellant Through:

Mr. Sanjeev Menon, Jr.SC for Mr. Zoheb Hossain, Adv.

versus M/S PUSHPANJALI FINCON PVT. LTD.

..... Respondent Through:

Mr. Gautam Jain and Mr.

Manish Yadav, Advs.

CORAM:

HON'BLE MR. JUSTICE YASHWANT VARMA HON'BLE MR. JUSTICE PURUSHAINDRA KUMAR KAURAV

O R D E R

% 20.03.2024 1.

From the order dated 08 December 2022, we note that proposed questions A, B and C were found to be covered by the decision of this Court in Cheminvest Ltd. v. CIT [(2015) SCC OnLine Del 11713]. The only question which stood over was question D which reads as follows:

"D. Whether on the facts and in the circumstances of the case, the Ld. ITAT erred in law in holding that no disallowance of Rs. 25.30 crores being the interest expenditure can be made u/s 36(l)(iii) of the Income Tax Act, 1961 since the interest expenditure and interest income were directly linked to the business of the assessee, without appreciating that as per the Memorandum of Association of the Company, its business activity relates to consultancy in financial matted and not to earn income from investments made, and that the assessee itself has shown its interest receipt as :other income: in its computation of income ?"

2.

However and undisputedly, the issue of interest expenditure The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 27/03/2024 at 11:43:24

under Section 36 (1) (iii) of the Income Tax Act,1961 does not appear to have been either raised or urged before the Income Tax Appellate Tribunal.

3.

In that view of the matter, we find no ground to entertain the appeal. It shall stand dismissed.

YASHWANT VARMA, J.

PURUSHAINDRA KUMAR KAURAV, J.

MARCH 20, 2024/p The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 27/03/2024 at 11:43:24