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2015 (9) TMI 1111 - AT - Income TaxSet off of loss - whether CIT(A) erred in law in holding that the appellant is entitled for set off of unabsorbed business loss and depreciation relating to Neora Hydro Limited amalgamated with the assessee? - Held that:- No reason to interfere with the order of ld. CIT(Appeals) and we uphold the same particularly because in the present case assessee had furnished all the particulars regarding steps taken by amalgamating company towards business, as noted in the chart filed by ld. Senior counsel, and, in any view of the matter, business commenced from 8/10/99 when permission was granted by WBSEB. - Decided against revenue. Allowability of interest - Held that:- As decided by assessee's own case assessee has total capital and reserves available at ₹ 140 cr. along with total income assessed by the AO for AY 2006-07 and 2007-08 at ₹ 26.86 cr. and ₹ 43.47 cr. respectively, the assessee has availability of funds interest free more than the interest free advances. Accordingly, we confirm the order of CIT(A) deleting the disallowance. Similar are the facts in AY 2007-08 and hence, taking a consistent view, we delete the disallowance in this year also - Decided against revenue.
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