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2018 (6) TMI 1850 - GUJARAT HIGH COURTDisallowance on interest free loans and advances - ITAT deleted disallowance - HELD THAT:- On perusal of the documentary evidences that the Assessee was already having a huge interest free funds available with it and that even the amount of loans and advances were utilized for the business purpose, more particularly in fixed assets and capital work in progress and thereafter that the Tribunal has deleted the disallowance and interest free loans and advances, it cannot be said that the learned Tribunal has committed any error to call for any interference by this Court. View taken by the learned Tribunal deleting the dis-allowance on interest free loans and advances confirmed. No specific question of law arises. Addition u/s 68 - loan and advances taken from one Bhupendrabhai J. Patel by cheque - HELD THAT:- Said loan and advances was not taken by the Assessee in the year under consideration. Under the circumstances when there was no unsecured loan during the year under consideration, the learned Tribunal has rightly observed and held that the provisions of Section 68 shall not be applicable. Even otherwise it is required to be noted that even the said loan was adjusted by the Assessee subsequently by allotment of Rs. 51,000/- shares of Rs. 100/- each - when the learned Tribunal has deleted the addition of Rs. 51,00,000/-, the same cannot be said to be erroneous. We confirm the deletion of the addition. Assessee appeal allowed.
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