2022 (12) TMI 1549

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..... ssee against order passed by the Commissioner of Income Tax(Appeals)-5, Vadodara in short referred to as ld. CIT(A)) under section 250(6) of the Income Tax Act, 1961 ("the Act" for short), dated 14.09.2020 pertaining to Asst.Year 2014-15. 2. Sole issue in the present appeal relates to disallowance of interest expenditure under section 36(1)(iii) of the Act. 3. As transpires from order of the aut .....

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..... bsp;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 particularly, PB-13 containing balance sheet of the assessee reflecting the above amounts. He pointed out that interest free funds available with the assessee was more than the interest bearing funds, and the interest free funds were .....

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..... f 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 facts and circumstances of the case. Accordingly, the disallowance of interest u/s 36(1)(iii) of the Act of Rs. 14,11,367/- is hereby directed to be deleted. 6. In the result, the appeal of the assessee is allowed. Order pronoun .....

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