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DELHI HIGH COURT
A.K.SIKRI, M.L.MEHTA
Commisioner of Income Tax – Appellant
Versus
Bharti Televenture Ltd. – Respondent
JUDGMENT
M. L. Mehta, J. (Oral)
1. These three appeals have been preferred by the revenue under Section 260A of the Income Tax Act (hereinafter referred to as Act) against a common order dated 24th July, 2009 passed by learned Income Tax Appellate Tribunal (ITAT in short). Since the parties are common, the questions of law are common and the appeals have been preferred against the common order of the ITAT, we propose to dispose of these three appeals by this common order.
2. ITA 1340/2010 relates to Assessment Year 2001-02, ITA 1337/2010 to Assessment Year 2003-04 and ITA 1339/2010 to Assessment Year 2004-05. In all these cases common questions of law are whether the Assessing Officer was right in disallowing the interest claimed by the assessee on borrowed funds giving interest-free advances to its subsidiaries and whether the expenditure incurred by the assessee by way of interest was for business purposes so as to allow deductions under Section 36(1)(iii) of the Act. Since the basis of the orders of the AO as passed in ITA 1337/10 and ITA 1339/10 was the same as order of the AO passed in ITA 1340/2010, we may briefly refer to the facts of the case of this appeal which pertai
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