ANUPAM ENTERPRISES Vs. ITO

JUDGEMENT

(1.) THESE two appeals are filed by the Assessee challenging the concurrent findings of the order passed by the assessing officer which is affirmed by the Commissioner (Appeals), Bangalore and further affirmed by the Income Tax Appellate Tribunal, Bangalore Bench, Bangalore, in I.T.A. Nos. 22 and 23 of 2001 for the assessment years 1998 -99 and 1999 -2000 dated 28 -7 -2004.

(2.) THE facts leading to this case are as hereunder:

(3.) CONTENDING that the Assessee has not carried on any business in terms of the partnership deed, loans were advanced to the partners alone and interest received by the firm from its partners cannot be assessed to tax by applying the principles of mutuality, an appeal was filed before the Commissioner (Appeals), which appeal came to be dismissed on the ground that either the case in Commissioner of Income Tax, Bihar Vs. M/s. Bankipur Club Ltd., AIR 1997 SC 2312 or the case of CIT v. Natraj Finance Corporation (1988) 169 ITR 732 (AP) have no application to the facts of the case, the Commissioner (Appeals) dismissed the same. Against which the Assessee filed an appeal before the Income Tax Appellate Tribunal, the Tribunal also dismissed the appeal relying upon the judgment in Govindaraj Ganesh Enterprises in I.T.A. Nos. 24 and 54 of 2001 dated 19 -5 -2004. Challenging the concurrent findings of all the authorities below, the present appeal is filed.