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2012 (3) TMI 44 - ITAT RAJKOTInterest free advances - Additions made by AO applying 12% rate of interest - Held That:- the assessee was having sufficient interest free fund in the form of capital and reserves Rs. 5.48 crores against interest-free advances of Rs. 1.30 crores. Since the assessee has having sufficient interest-free funds to interest free advances, we therefore, delete the addition of Rs. 15,66,180/- Reliance placed on Torrent Financiers v. Asstt. CIT (2001 - TMI - 55358 - ITAT AHMEDABAD-A).
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