1984 (7) TMI 231

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e made by the IAC in the proceedings under s. 144A was more reasonable and that the CIT was not right in deleting the disallowance made out of the interest paid on borrowed capital. But the Revenue is unable to dispute the fact that the CIT(A) has not omitted to take into account any relevant material for making his estimate and that he has not taken into account any irrelevant material in arrivin .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... found that they were only trade transactions and there was no friendly advances at all. The Revenue pleaded for a future opportunity to probe the accounts, but we can see no justification for it when the CIT has himself gone in to the accounts in detail and come to the conclusion that there was no justification in making any disallowance of the interest payments made by the assessee. In the circu .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X