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TMI Blog2017 (11) TMI 2063X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the share capital and reserves and surpluses and find that the share capital and reserves and surplus far exceeds the advances given. Since the assessee has sufficient own funds no disallowance is called for. Similar issue has been dealt in the case of Gurudas Garg [ 2015 (8) TMI 569 - PUNJAB HARYANA HIGH COURT ] In the case of Kissan Foods Ltd. [ 2017 (2) TMI 696 - ITAT CHANDIGARH ] wherein i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eal: 1. That the order passed under section 250(6) of the Income Tax Act, 1961 by the Learned Commissioner of Income Tax (Appeals)-I Chandigarh in Appeal No. 135/14-15 dated 26.04.2017 is contrary to law and facts of the case. 2(a) That in the facts and circumstances of the case, the Ld. Commissioner of Income Tax (Appeals) gravelly erred in upholding the addition of Rs. 4,13,848/- made by the ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ediency. The assessee was confronted on this issue. 4.1 No satisfactory reply could be furnished by the assessee during the course of assessment proceedings. Since, on the one hand the company is incurring expenditure on interest payment on the secured and unsecured loan and on the other hand is paying interest free advance to other concerns. In view of the decision of the Hon'ble High Court i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erein the disallowance made on account of interest under section 36(1)(iii) was deleted. He further submitted that the assessee had sufficient interest free funds of his own during the year. 6. The Ld. DR relied on the orders of the lower authorities. 7. We have perused the balance sheet regarding the share capital and reserves and surpluses and find that the share capital and reserves and surplus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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