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TMI Blog2015 (10) TMI 1405X X X X Extracts X X X X X X X X Extracts X X X X ..... finding of the lower authorities is not borne out from record. On merits also the assessee is eligible for overdraft interest qua the interest earned, availability of assessee's surplus funds is also not disputed. Looking into the entirety of the facts and circumstances of the case and the ITAT's judgment in assessee's brother's case, the interest paid by the assessee on overdraft facility is all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he allowability of interest before the Assessing Officer proper details of utilization of overdraft facility were submitted. The assessee has an overdraft of ₹ 21 lacs, which has been sparingly used is as evident from the yearly interest paid at ₹ 96,830/-. Complete details of utilization of overdraft are given on pave No. 4 of the learned CIT(A)'s order are as under:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) without rebutting the overdraft interest utilization break up, summarily held that nexus is not proved by assessee, which is contrary the his own observation about filing of details as tabulated. Further reliance is placed on the order passed by the ITAT in the case of the assessee's own brother Shri Satish Agarwal in ITA No. 970/JP/2013 order dated 05/03/2014 wherein the Hon'ble ITAT o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erest utilization before lower authorities. Without rebutting the same, it has been held that the assessee has not established the nexus. Thus, this finding of the lower authorities is not borne out from record. On merits also the assessee is eligible for overdraft interest qua the interest earned, availability of assessee's surplus funds is also not disputed. Looking into the entirety of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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