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2016 (7) TMI 60 - BOMBAY HIGH COURT

2016 (7) TMI 60 - BOMBAY HIGH COURT - TMI - Addition u/s 36(1)(iii) on account of interest disallowed - interest free advances and loans were also given to directors and sister concerns which are for non business purposes - Held that:- In view of the fact that the issue is covered by the decision of the jurisdictional High Court in the case of Reliance Utilities [2009 (1) TMI 4 - BOMBAY HIGH COURT] giving clear finding that the assessee had interest free funds of its own .Tribunal was justified .....

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Malhotra, the learned counsel for the Revenue urges the following questions of law for our consideration : (i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in deleting the addition of ₹ 69,70,175/made by the A.O. Under section 36(1)(iii) on account of interest disallowed when interest free advances and loans were also given to directors and sister concerns which are for non business purposes? (ii) Whether, on the facts and in the circumst .....

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