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THE COMMISSIONER OF INCOME TAXAHMEDABAD – V Versus M/s. AMA ASSOCIATES

2015 (10) TMI 1517 - GUJARAT HIGH COURT

Disallowance of interest u/s 36(1)(iii) in respect of interest free advances - CIT(A) deleted the disallowance - Held that:- Three appeals preferred by the revenue in relation to assessment years 1993-94, 1994-95 and 1995-96 were heard together by th .....

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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 account of utilization of funds for non-business purpose. The Tribunal noticed .....

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agreed 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 t .....

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ND 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 .....

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e assessment year is 1995-96 and the relevant accounting period is the year ended on 31st March, 1995. The Assessing Officer disallowed a sum of ₹ 13,25,805/- under section 36(1)(iii) of the Income Tax Act, 1961 being debit in the interest acco .....

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st free funds amounting to ₹ 105,05,99,609/- as compared to interest free advances which were computed by the Assessing Officer at ₹ 68,28,481/-. The Commissioner (Appeals) found that the facts of the present case were identical to the fa .....

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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 Financiers .....

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nt of utilization of funds for non-business purpose. The Tribunal noticed that the Commissioner (Appeals) had after examining the details furnished by the assessee, gave a categorical finding that the non-interest bearing funds available with the ass .....

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