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TMI Blog2014 (5) TMI 266X X X X Extracts X X X X X X X X Extracts X X X X ..... in cotton ginning & pressing. It had filed its E- return of income for A.Y.2009-10 on 25.9.2009 declaring total income of Rs.9,63,830. 2.2 During the course of asstt. proceedings, the AO noticed that the appellant had made huge borrowings of Rs. 10,24,74,918 from partners, Banks and others on which it had paid interest of Rs. 1,24,21,473 but it had not charged any interest on the loans & advances totaling to Rs, 3,72,11,407. The average rate of interest worked out at 12% so that interest of Rs. 44,65,368 on said loans & advances was worked out. The appellant had explained that since M/S Om Kailash Cotton and appellant firm had interest free sharfi dealings and common partners who were assessed at maximum rate of tax there was no point in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a huge turnover and gross profit of Rs.2,33,89,836 and net profit of Rs. 33,24,557. (page- 19).(Refer to Woolcomers of India Ltd (134 ITR 219)(Cal) (b) there was a opening balance of Rs. 69,18,863 (seepage-31) and in past no disallowance was made so that it was covered by case of Sridev Enterprise ( 192 ITR 165) Now the interest thereon worked out to Rs. 8,30,263 which was not disallowable. 2.6 The applicant most respectfully submits that Hon'ble Tribunal has not considered at all the above said contentions of the applicant. It has considered the contention raised before the first appellate authority only i.e. tax effect of disallowance in the hands of the appellant and its partners as well as OM Kailash Cotton.(Of course this content ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2007 dt. 15.12.2011) (Guj.) & Sridev Enterprise (192 ITR 165) (Kar.), and submitted that they are squarely applicable on the facts of the assessee. Therefore, he requested to recall the order to the extent of finding given on interest disallowance of Rs.35,07,708/-. At the outset, ld. Sr. D.R. opposed the argument raised by the assessee as all the material facts as well as legal aspect being considered by the Hon'ble Bench. If the assessee's request is accepted, it is tantamount to review of own decision, which is not permitted under the IT Law. Therefore, M.A. filed by the assessee, may be rejected. 3. We have heard the rival contentions and perused the material on record. We find that the assessee has a case and is required to reconsider ..... X X X X Extracts X X X X X X X X Extracts X X X X
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