TMI Blog2010 (2) TMI 1056X X X X Extracts X X X X X X X X Extracts X X X X ..... sment year 2001-02 proposing to formulate the following substantial question of law; Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by the CIT (A) deleting the disallowance of interest of Rs.31,68,436/- out of the total disallowance of interest of Rs.33,12,436/- made by the Assessing Officer ? 2. Heard Mr.Manish R. Bhatt, learned Senior Counsel a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ged by the assessee are Rs.1,61,58,614/-. Thus, the interest free funds available with the assessee were much more than the interest free advances given by the assessee. The Tribunal further observed that no material was brought on record by the Revenue to show that the interest free advances given by the assessee were out of interest bearing funds borrowed by it. The Tribunal, therefore, came to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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