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TMI Blog2022 (8) TMI 734X X X X Extracts X X X X X X X X Extracts X X X X ..... SUCHITRA KAMBLE , JUDICIAL MEMBER Revenue by : Shri Ramesh Kumar , Sr. DR Assessee by : Shri Biren Shah , A. R. ORDER PER SUCHITRA KAMBLE , JUDICIAL MEMBER : This appeal is filed by the Revenue and the Cross Objection is filed by the assessee against the order dated 14.08.2019 passed by the CIT(A)-1, Ahmedabad for the Assessment Year 2016-17. 2. The grounds of appeal are as under: "1. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... refrigerators and room coolers for storing all kinds of products and to engage in the business of ware housing and to carry on business and act as promoters, organisers and developers of land, estate, property, co-operative societies, association, housing schemes, shopping office, complexes, townships, farms, houses, holiday resorts and to finance for the same. The original return of income was fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the relevant material available on record. It is pertinent to note that the assessee claimed interest expenditure of Rs.138.27 Crores from interest free own funds in the form of share capital and reserves as well as surplus of Rs.85.67 crores on 31.03.2016 as against Rs.97.67 Crores as on 31.03.2016. Thus, interest free funds were much higher than the investment in shares and partnership firms. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Section 14A to the extent of Rs.9,06,254/-. The issue is covered and identical in the present case. The CIT(A) has rightly made the said observations and there is no need to interfere with the same. Hence, appeal of the Revenue is dismissed. 8. The Cross Objection is not pressed by the assessee. Hence, the same is dismissed. 9. In the result, appeal of the Revenue as well as Cross Objection fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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