9911796707
TMI Blog2009 (2) TMI 897X X X X Extracts X X X X X X X X Extracts X X X X ..... l, for the Respondents. P.C.: In all these Appeals which are for different assessment years the question which arises is as under:- Whether on the facts and in the circumstances of the case the Hon ble Tribunal was justified in law in allowing the appeal of the assessee and directing the Assessing Officer to delete the interest charged on the interest free advances ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owning a flat in Wallace Apartment, Mumbai. The flat was leased to the Respondent Company to be used for its Managing Director. The advance was given for the purchase of the above flat. After considering the contentions advanced the learned CIT (A) did not agree with the contentions urged by the assessee and confirmed the order of the Assessing Officer. 3. Aggrieved by the said order the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies are being used by the assessee on concessional rate and, therefore, commercial benefits have been derived by the assessee and in view of this matter held that there appears no reason to disallow the interest on those advances. 4. Revenue being aggrieved by the said order have preferred these Appeals. 5. As noted earlier the advances were given to sister Companies. The first a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gust, 1994 and thereafter other loans. We are really not concerned with them. Therefore, admittedly for the year 1991 when the loan was advanced to Arcadia Investments Ltd., it could not have been from loan taken from Amalgamated Elec. Co. Ltd., as that was limited to ₹ 1.75 lakhs from Oceanic Investments Co. Ltd. 7. Considering these facts, in our opinion and considering that in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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