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2015 (10) TMI 1064 - AT - Income TaxSuppression of sales - electricity expenses are on higher side - CIT(A) deleted the addition - Held that:- Assessing Officer has committed a mistake in adopting the sale of ice at Noida factory only, whereas the majority of sales have been reported at Shakarpur Head Office, besides there is no evidence what so ever to suggest any sale out of books, more so when the books of account of the assessee are not rejected. In view of the facts and circumstances of the case, we see no infirmity in the order of CIT (A) - Decided against revenue. Addition on the account of interest disallowed u/s 36(1)(iii) - CIT(A) deleted the addition - Held that:- It is not been disputed that the assessee received an amount of ₹ 38,50,000/- as interest free loans from various parties and the interest free advances have been given to a lesser extent of ₹ 32,30,000/-. There is no allegation that the loan bearing funds were directly diverted to sister concern. In these circumstances, we see no infirmity in the order of CIT (A) which is upheld - Hon’ble Delhi High Court judgment in the case of Bharti Televenture [2011 (1) TMI 326 - DELHI HIGH COURT] is applicable to assessee’s case and factually there being no diversion of interest bearing funds - Decided against revenue.
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