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2015 (10) TMI 322 - PUNJAB & HARYANA HIGH COURT

2015 (10) TMI 322 - PUNJAB & HARYANA HIGH COURT - [2015] 378 ITR 52 (P&H) - Disallowance of interest on borrowed capital - ITAT sustained addition - Held that:- In the present case, we find that the assessee, with reference to illustrations as reproduced in the earlier part, had been able to demonstrate that the Tribunal had verbatim copied the order of CIT(A) at different places without even difference of punctuation by showing it to be an order passed by it. Thus, it cannot be said that there .....

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Tribunal to decide it afresh after hearing learned counsel for the parties in accordance with law. - ITA No. 233 of 2014 (O&M) - Dated:- 18-8-2015 - Ajay Kumar Mittal And Ramendra Jain, JJ. For the Petitioner : Mr. Ravish Sood, Adv For the Respondent : Mr. Vivek Sethi, Adv JUDGMENT Ajay Kumar Mittal, J. 1. The assessee has preferred this appeal under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 20.3.2014, Annexure A.7 passed by the Income Tax a .....

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ssociates P. Limited and another vs. Masood Ahmed Khan and others, (2010) 9 SCC 496 which statutorily requires recording of reasons by a quasi judicial authority in support of its conclusions? ii) Whether the Tribunal is right in law and facts of the case in sustaining the disallowance of interest on borrowed capital of ₹ 3,43,673/-? iii) Whether the Tribunal has erred in law and facts of the case by failing to appreciate that as the profits amounting to ₹ 1,23,87,990/- earned by the .....

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d accumulated amounts in the capital account available with the appellant, in the absence of any nexus between the interest free advances given and the interest bearing funds borrowed by the appellant, no disallowance of interest on borrowed capital was liable to be made? v) Whether the Tribunal has erred in law and facts of the case by failing to appreciate that even otherwise as the amounts had been advanced by the appellant at different points of time during the year, therefore the disallowan .....

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ndhar. He filed his return of income declaring net taxable income of ₹ 1,24,44,951/- on 31.10.2007 which was processed as such under section 143(1) of the Act. The case was taken up for scrutiny assessment under section 143(2) of the Act. The Assessing Officer vide order dated 8.5.2009, AnenxureA.5 disallowed interest on borrowed capital at the rate of 12% per annum on the amount of the interest free advances of ₹ 28,63,942/- for the whole of the year and made a disallowance of ͅ .....

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ed the appeal by merely referring to and reproducing the observations recorded by the Assessing Officer and the CIT(A) and without recording any independent finding or reasoning. Hence the instant appeal by the assessee. 3. We have heard learned counsel for the parties. 4. Learned counsel for the appellant submitted that the Tribunal has quoted the order of CIT(A) as it is without giving any reasons except that in para 7 of its order, it was stated that "we do not find any infirmity in the .....

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e 96 (3rd line from bottom to page 97 (5th line from top) Page 85, para 3.3 4. Page 97 (para 6.1) to page 98 Page 85-87, para 3.3.1 5. Page 99, para 6.2 Page 87-88, para 3.3.2 6. Page 100 (10th line from top) to page 101 (upto 17th line from top) Page 89-90,para 3.5 7. Page 101 (18th line from top) to close of paragraph Page 90, para 3.6 8. Page 101, para 7 The finding of the Tribunal 6. The Hon'ble Apex Court in M/s Kranti Associates Pvt. Ltd.'s case (supra) dealing with the requirement .....

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hat justice must not only be done it must also appear to be done as well. d. Recording of reasons also operates as a valid restraint on any possible arbitrary exercise of judicial and quasijudicial or even administrative power. e. Reasons reassure that discretion has been exercised by the decision maker on relevant grounds and by disregarding extraneous considerations. f. Reasons have virtually become as indispensable component of a decision making process as observing principles of natural just .....

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s the judges and authorities who deliver them. All these decisions serve one common purpose which is to demonstrate by reason that the relevant factors have been objectively considered. This is important for sustaining the litigants' faith in the justice delivery system. j. Insistence on reason is a requirement for both judicial accountability and transparency. k. If a Judge or a quasi-judicial authority is not candid enough about his/her decision making process then it is impossible to know .....

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