9911796707
TMI Blog2022 (12) TMI 1549X X X X Extracts X X X X X X X X Extracts X X X X ..... d advances computed @12% of the interest free advances - sole contention raised by the ld. counsel for the assessee was that it had sufficient interest free funds at its disposal in the form of capital for making investment in interest free advances HELD THAT:- Hon ble Apex Court in the case of CIT Vs. Reliance Industries Ltd. [ 2019 (1) TMI 757 - SUPREME COURT] that presumption in such cases was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... )(iii) is hereby directed to be deleted. Appeal of the assessee is allowed. - Smt. Annapurna Gupta, Accountant Member For the Assessee : Shri Parimalsingh B. Parmar, AR. For the Revenue : Shri Mukesh Thakwani, DR. ORDER The present appeal has been filed by the assessee against order passed by the Commissioner of Income Tax(Appeals)-5, Vadodara in short referred to as ld. CIT(A)) under section 25 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A). 4. Before us, sole contention raised by the ld. counsel for the assessee was that it had sufficient interest free funds at its disposal in the form of capital of Rs. 3,15,82,005/- for making investment in interest free advances of Rs. 17,61,391/-. As evidence, he drew our attention to the audited accounts of the assessee for the impugned year placed before us pat PB Page No. 13 to 19, more ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee before us of the Hon ble Apex Court. Since the assessee has demonstrated the availability of sufficient own funds for the purpose of making interest free funds, the issue, we find, is squarely covered by the decision of the Hon ble Apex Court in the case of Reliance Industries Ltd. (supra), following which, we hold that no disallowance under section 36(1)(vii) is warranted in the fact ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
