2015 (3) TMI 1398

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..... rit in the miscellaneous petitions of the assessee and accordingly, we are of the view that the errors pointed out by the assessee require rectification.
HON'BLE S/SHRI JOGINDER SINGH (JM) AND B.R.BASKARAN (AM) For the Applicant : Shri Yogesh Thar For the Respondent : Shri Premand J ORDER Per B.R. BASKARAN, Accountant Member: These miscellaneous applications have been filed by the assessee seeking rectification of common order dated 12.11.2014 passed in the income tax appeals referred supra for assessment years 2008-09 to 2010- 11. 2. The Ld.Counsel appearing for the assessee submitted that the Tribunal has observed in paragraph 2 of the impugned order that "the Ld A.R submitted that the said disallowance is not warranted since th .....

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..... her non-interest bearing funds should be examined as on the date of making investments. Accordingly he submitted that the assessee did not agree to the said proposition and it was only the view taken by the Tribunal. Accordingly he submitted that the paragraph 4 should be modified suitably. 4. We heard the Ld D.R and also perused the record. We find merit in the miscellaneous petitions of the assessee and accordingly, we are of the view that the errors pointed out by the assessee require rectification. Accordingly, we carry out following modifications:- (a) In paragraph 2 of the order dated 12.11.2014, wherever the expression ""since the own funds available with the assessee exceeds the borrowed funds" occurs, the following expression .....

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..... the assessing officer with the direction to examine this issue afresh in all the three years by duly considering the various case law relied upon by the assessee and also by duly addressing various types of contentions of the assessee and take appropriate decision in accordance with the law. 4.1 Before parting with this issue, we may state that we are of the view that the availability of own funds & interest free funds for making investments should be examined as on the date of making investments, even though the Ld A.R contended that the said examination should be carried out as on the date of Balance sheet. We may explain our view with an example. Let us assume that the capital of the assessee is ₹ 1.00 lakh and the same was use .....

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