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2011 (4) TMI 788 - ITAT, BANGALOREDisallowance - Interest paid by the appellant on account of borrowings made from the Bank which was subsequently given to M/s. ASM Technologies Ltd. as security deposit to provide office space for its use - To establish the genuineness of the transaction the most important factor will be whether the appellant has utilized the premises for its use as claimed -However no materials were brought before us to establish that the appellant had occupied the premises and conducted its activities from the premises - The documents submitted by the Revenue did not conclusively establish that the appellant had utilized the premises for its business - It is claimed that the appellant was in possession of 11,000 sq.ft. of office space with infrastructure and facility to accommodate 80 engineers - In such circumstances, the appellant should be definitely in a position to establish that it had utilized the premises by furnishing evidence for payment of electricity bill, etc. from its bank account - Find it just to grant one more opportunity to the appellant to produce the requisite evidence before the ld. CIT (A) - Thus, the case is remitted back to the file of the ld. CIT(A) for fresh consideration on merits
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