2010 (5) TMI 468

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of family members of the Director and for the personal visits of Directors and the employees – finding not supported by any evidence - invoices issued by the agents did not indicate the purpose whether the tours were official or personal is erroneous as no agents can indicate whether the tours are personal or official - credit taken has not been utilised and therefore, the applicant has not gaine .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... t initially took credit based on the strength of invoices received with the address of Head Office but subsequently changed in the name of the factory and during the interim period though the credit was taken the same was not utilised, and it has been held that the applicant requires to pay interest on such credit taken. 3. The learned advocate for the appellant submits that the interest liabili .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... icial or personal is erroneous as no agents can indicate whether the tours are personal or official. This submission merits acceptance. As regards the interest liability, the Commissioner (Appeals) has clearly held that during the disputed period, the credit taken has not been utilised and therefore, the applicant has not gained any monetary benefit. 6. In view of the above, I hold that the appe .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X