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TMI Blog2015 (10) TMI 1752X X X X Extracts X X X X X X X X Extracts X X X X ..... DER P. C. This Appeal under Section 260-A of the Income Tax Act, 1961 (the Act), challenges the order dated 31st October, 2012 passed by the Income Tax Appellate Tribunal (the Tribunal) for the Assessment Year 2001-02. 2. The Revenue urges the following question of law for our consideration: "Whether on the facts and in the circumstances of the case and in law the Tribunal is right in restore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Respondent-Assessee's contention and in case it is held that Reliance Utilities & Power (supra) does not apply, then on application of Section 14A of the Act, the disallowance has to be done on reasonable basis. This view was taken by the impugned order following the decision of this Court in Godrej & Boyce Mfg. Co. Ltd. v/s. DCIT 328 ITR 81 . It was in the above circumstances that the impugne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e set aside the impugned order passed by the Commissioner (Appeals) and restore back this issue to the file of the Assessing Officer who will firstly, examine the availability of interest free funds and assessee's own funds for the purpose of making the investment and secondly, even after examining the availability of funds, it is found that borrowed funds have been utilized for the purpose of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the disallowance be determined under Section 14A of the Act. This, undoubtedly would be on an application of a reasonable method as held by this Court in Godrej & Boyce (supra). Thus, we are at a loss to understand the grievance of the revenue. Accordingly, the questions as proposed do not give rise to any substantial question of law. Accordingly, not entertained. 7. Accordingly, appeal dismissed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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