TMI Blog2015 (10) TMI 1517X X X X Extracts X X X X X X X X Extracts X X X X ..... rder dated 01.11.2006, the Tribunal dismissed all the three appeals by following its decision in the case of ACIT v. Torrent Financiers, (2001 (6) TMI 165 - ITAT AHMEDABAD-A ) wherein it was held that if the total interest free advances including debit balance of partners of assessee firm do not exceed the total interest free funds available with the assessee, no interest is disallowable on accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9-2015 - MS. HARSHA DEVANI AND MR. A.G.URAIZEE, JJ FOR THE PETITIONER : MRS MAUNA M BHATT, ADVOCATE FOR THE RESPONDENT : MR MANISH K KAJI, ADVOCATE ORDER PER : MS. HARSHA 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 confir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer at ₹ 68,28,481/-. The Commissioner (Appeals) found that the facts of the present case were identical to the facts of assessment year 1993-94 and following his earlier order in the assessee s own case for assessment year 1993-94, deleted the disallowance of ₹ 13,25,805/-. Revenue went in appeal before the Tribunal. Three appeals preferred by the revenue in relation to assessment yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the concurrent findings of fact recorded by the Commissioner (Appeals) and noted that the assessee had interest free funds which were sufficient to cover the interest free loans. Besides, the Assessing Officer 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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