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TMI Blog2015 (7) TMI 371X X X X Extracts X X X X X X X X Extracts X X X X ..... acuation facility - Held that:- Disallowance made under Section 36(1)(iii) - It was not the case of the AO that the assessee had diverted the funds borrowed on interest for the purpose of advancing the sum to his son for business. The Tribunal noted that the AO had in fact accepted that no such borrowed funds had been diverted/advanced by the assessee to his son. There was no nexus between the fun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stantial questions of law:- (i) Whether on the facts and circumstances of the case, the Hon ble ITAT was right in law in upholding the order of the ld. CIT(A) wherein disallowance made under Section 36(1)(iii) was deleted ignoring the judgement of Hon ble Punjab Haryana High Court in the case of CIT Vs Abhishek Industries Ltd. reported 286 ITR 1, relied upon by the Assessing Officer? (ii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n allowing depreciation on contribution for power evacuation facility even though the assessee has no ownership of the asset being only a contributor for availing the facility? 2. Questions (ii) (iii) and (iv) are admittedly covered by a judgement of the Division Bench of this Court dated 18.12.2014 titled as Commissioner of Income Tax-I, Ludhiana Vs M/s Eastman Impex (ITA-350-2013). The quest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pening balance as on 01.04.2007 was about ₹ 73.57 crores and the closing balance as on 31.03.2008 was about ₹ 86.60 crores. The opening balance of interest free unsecured loans from family and friends as on 01.04.2007 was about ₹ 55.95 crores and the closing balance of interest free unsecured loans from family and friends as on 31.03.2008 was about ₹ 51.46 crores. It was no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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