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2019 (3) TMI 1836 - ITAT AHMEDABADAddition u/s. 14A - Sufficiency of own interest free funds - HELD THAT:- As decided in own case [2019 (2) TMI 1889 - ITAT AHMEDABAD] CIT(A) granted relief to the assessee from such disallowance on the ground that the interest free funds at the disposal of the assessee is in excess of the corresponding investments yielding tax free income. On such facts, we do not see any reason to interfere with the aforesaid findings in view of the decision of the Hon’ble Gujarat High Court in CIT vs Suzlon Energy Ltd. [2013 (7) TMI 697 - GUJARAT HIGH COURT] and CIT vs GIDC [2013 (1) TMI 809 - GUJARAT HIGH COURT] and other judicial precedents. Addition made u/s. 36(1)(iii) - interest of advance given for purchase of immovable property - HELD THAT:- The perusal of the order of the CIT(A) shows that the assessee had demonstrated before the first appellate authority that the advances given for purchases of immovable property is far in excess of the interest free funds. In view of the facts narrated by the CIT(A) towards availability of interest free funds in excess of interest bearing loans for towards advances immovable property, we do not see any reason to interfere with the order of the CIT(A) which is sync with the judicial precedence prevailing in this regard. - Appeal of the revenue is dismissed.
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