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2013 (9) TMI 1075 - ITAT MUMBAIReopening of assessment - Held that:- Considering the absence of "tangible material", we find that the CIT (A) order is required to be reversed. As such, AO reopened the assessment relying only on the papers available on records. Therefore, we agree with the arguments of the Ld AR for the assessee. On merits also, it is the case of the assessee that there is sufficient interest free funds to cover the interest free advances given by the assessee and therefore, the presumption would be that such advances were given from interest free funds and not from the interest bearing funds as held by the Hon‟ble Bombay High Court in the case of CIT vs. Reliance Utilities and Power Ltd [2009 (1) TMI 4 - BOMBAY HIGH COURT ] 313 ITR 340. Without going into the merit, in our view, the assessee should succeed on the legal issue itself
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