2017 (8) TMI 376

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..... P. C.   1 The appeal pertains to Assessment Year 2008-2009. Mr.Tejveer Singh, the learned counsel submits that the Tribunal failed to appreciate that the assessee had cash balance available in the nature of investment in mutual funds and under these circumstances, interest bearing loans cannot be considered as purely for business purpose. Provisions of Rule 8D(2)(ii) are applicable. The Tr .....

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..... come. The interest and loans borrowed were paid out of sale proceeds of land and the balance of the proceeds were invested in mutual funds which yielded income. This explanation is accepted by the Assessing Officer. The Commissioner on the other hand, has not pointed out as to how the said explanation of the assessee was wrong. 4 The Tribunal on appreciation of facts as arrived at a plausible con .....

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