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TMI Blog2022 (3) TMI 563X X X X Extracts X X X X X X X X Extracts X X X X ..... s well within the knowledge of the AO. Despite this, the AO issued jurisdictional notice only in the name of the non-existing company. We are of the considered view that the decision in assessee's own case for AY 2010-11 placing reliance on the decision of the Hon'ble Supreme Court in PCIT vs. Maruti Suzuki India Ltd. 2019 (7) TMI 1449 - SUPREME COURT] will hold good for the present appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was correct in deleting 'the disallowance of ₹ 4,11,11,828/- made by the Assessing Officer u/s. 36(1)(iii) of the Income Tax Act without appreciating the fact that, where the funds utilized by the assessee, being mixed funds, the investment made in tax free funds, as held in the Hon'ble High Court of Punjab Haryana in the case of M/s. Avon Cycle Ltd. Vs. CIT, Ludhiana (53 taxmann.c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s. 36(1)(iii) of the IT Act and consequential initiation of penalty u/s. 271(1)(c), the assessee preferred an appeal before the Ld. CIT(A). The Ld. CIT(A) allowed the assessee's appeal by deleting the disallowance of ₹ 4,11,11,828/- on the basis that similar interest disallowance made by the AO in AY 2008-09 to 2010-11 in assessee's case has been deleted by the ITAT vide its decis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot adjudicate this issue as the assessee did not press this ground which was taken up as additional ground of appeal, as the assessee's appeal was allowed on merits. Nevertheless, this issue was taken and was placed for arguments before us. The assessee company has been amalgamated with M/s. Spirit Textile Pvt. Ltd. w.e.f. 01.04.2013 which was approved by the Hon'ble Bombay High Court vide ..... X X X X Extracts X X X X X X X X Extracts X X X X
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