ORDER

Per Prashant Maharishi AM

ITA No 2120/Del/2005 (By Assessee) 

& 

2205/Del/2005 (By AO)

Assessment Year 2001-02

1. These are the cross appeals filed by the assessee and the revenue against the order of the learned Commissioner of income tax (appeals) – XIV, New Delhi dated 23^rd of February 2005.

2. The assessee is in appeal before us in ITA number 2120/del/2005 raising following grounds of appeal.

“1. That the order of the learned CIT (appeals) is bad in law and wrong on facts.

2. That on the facts and circumstances of the case, the learned CIT (appeals) has erred in holding that the long-term capital loss of ₹ 432,967,174/– claimed by the assessee is not allowable.

3. That on the facts and circumstances of the case, the learned CIT (appeals) has erred in holding that the amount of ₹ 23,997,000/– claimed by the assessee as an expenditure towards raising funds for its business requirement is not allowable.

4. That on the facts and circumstances of the case, the learned CIT (appeals) has erred in holding that the deduction of Rs 5 354460000/– claimed on account of loans and advances return of allowable in the next year and not in the year under consideration.

3. The learned assessing offic