9911796707
TMI Blog2015 (10) TMI 1517X X X X Extracts X X X X X X X X Extracts X X X X ..... RSHA DEVANI 1. Vide order dated 20.09.2007, this court while admitting the appeal, had formulated the following question of law: "Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by the CIT (A) deleting the disallowance of interest u/s 36(1)(iii) made by the Assessing Officer, in respect of interest free advances?" 2. The assessment year is 1995-96 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r assessment year 1993-94, deleted the disallowance of Rs. 13,25,805/-. Revenue went in appeal before the Tribunal. Three appeals preferred by the revenue in relation to assessment years 1993-94, 1994-95 and 1995-96 were heard together by the Tribunal and by a common order dated 01.11.2006, the Tribunal dismissed all the three appeals by following its decision in the case of ACIT v. Torrent Financ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had not made out any case that the assessee had utilized borrowed funds other than for business purposes and upheld the deletion of allowance by the Commissioner (Appeals). 3. Heard Mrs. Mauna Bhatt, learned senior standing counsel for the appellant and Mr. Manish Kaji, learned advocate for the respondent. 4. It is an admitted position that in relation to assessment year 1993-94, the appellant r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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