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M/s Modi Rubber Ltd. Versus Dy. Commissioner of Income Tax, Circle 5(1) and ACIT, Circle 5(1), Versus M/s Modi Rubber Ltd., - 2014 (2) TMI 675 - ITAT DELHI - Income Tax

......... e that it had mixed pool of funds comprising owned funds as well as loan funds. Hence, in such a situation, in the absence of one to one nexus between borrowed funds and loan advance to Modi Stone Ltd., the presumption in law is that the loan to Modi Stone Ltd. should be presumed to have come out of own funds. The above submissions of the assessee has not been rebutted. No material has been brought on record to suggest that the said loan of Rs. 2 crore was made out of interest bearing funds. In these circumstances, we find considerable cogency in the submissions of the ld. Counsel of the assessee. Hence, in the background of the aforesaid discussions and precedent, we set aside the orders of the authorities below on this issue and decide the issue in favour of the assessee. 41. In the result, the Assessee s Appeal (I.T.A. No. 1816/Del/2010) stands partly allowed and Revenue s Appeal (I.T.A. No. 1846/Del/2010) stands dismissed. (Order pronounced in the Open Court on 23/8/2013)



 

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