2009 (1) TMI 4 - HC - Income Tax

Interest on borrowed funds - disallowance of interest - Revenue contend that the shareholders funds were utilised for the purpose of fixed assets (investments) - C.I.T. (A) & ITAT have given a clear finding that the assessee had interest free funds of its own - Apart from that in terms of the balance sheet there was a further availability of ₹ 398.19 crores including ₹ 180 crores of share capital - finding of fact recorded by C.I.T. (A) and I.T.A.T. cannot be faulted – additions not justified