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TMI Blog2016 (7) TMI 60X X X X Extracts X X X X X X X X Extracts X X X X ..... igh Court in the case of Reliance Utilities [2009 (1) TMI 4 - BOMBAY HIGH COURT] giving clear finding that the assessee had interest free funds of its own .Tribunal was justified in deleting the addition - Decided in favour of assessee - Income Tax Appeal No. 2507 of 2013 - - - Dated:- 7-6-2016 - M. S. Sanklecha And A. K. Menon, JJ. Mr. A. R. Malhotra a/w N. A. Kazi for the Appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acts and in the circumstances of the case and in law, the Tribunal was justified in deleting the addition made by the A.O. under Section 36(1)(iii) even though the Assessee has given loans and advances to its directors and sister concerns as interest free advances whereas the Assessee itself is having interest bearing loans? (iii) Whether, on the facts and in the circumstances of the case an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cision of this Court in CIT vs. Reliance Utilities reported in 313 ITR 340. 4. We are informed by the learned counsel for the Revenue that it has not preferred any appeal against the order of the Tribunal for the A.Y. 2006-07 passed in respect of the same respondent-assessee. This was in view of the fact that the issue is covered by the decision of the jurisdictional High Court in the case of R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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