TMI Blog2013 (3) TMI 606X X X X Extracts X X X X X X X X Extracts X X X X ..... reported in [2003 (1) TMI 8 - SUPREME Court ] . In the result, this issue does not require any further detailed reasonings. Deletion the disallowance being interest attributable to interest free advances - The Tribunal relied on the decision of the Bombay High Court in case of CIT vs. Reliance Utilities and Power Ltd. reported in [2009 (1) TMI 4 - HIGH COURT BOMBAY ]. It was held that if there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter referred to as ITAT ) dated 30.06.2010, this Tax Appeal under Section 260A of the Income-tax Act, 1961 (for short, hereinafter referred as to the Act) is preferred raising following substantial questions of law for our consideration: [A] Whether the Appellate Tribunal is right in law and on facts in deleting the addition on account of Modvat of ₹ 6,15,074/-? [B] Whether the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Apex Court in case of Commissioner of Income-tax vs. Indo Nippon Chemicals Co. Ltd. reported in 261 ITR 275. In the result, this issue does not require any further detailed reasonings. 4. Second question pertains to deletion of disallowance of ₹ 4,99,370/- being the interest attributable to interest free advances. CIT(Appeals) when was approached by the assessee, it held in favour of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 313 ITR 340 (Bom.). It was held that if there were funds available both interest-fee and overdraft and/or loans taken, then a presumption would arise that investments would be out of the interest-free fund generated or available with the company, if the interest-free funds were sufficient to meet the investments. We see no reason to interfere in the said issue when both the Authorities have c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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