TMI Blog2016 (8) TMI 1089X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of ₹ 28.67 crores at a time when it had its own interest free funds available to the extent of ₹ 41.84 crores. Therefore, in view of the decision of this Court in Commissioner of Income Tax Vs. Reliance Utility and Power Ltd. [2009 (1) TMI 4 - BOMBAY HIGH COURT ] wherein it is held that if both interest free funds and interest bearing funds are available, then a presumption arises t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a Divakar for the appellant None for the respondent ORDER P. C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 10th May, 2014 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order dated 10th May, 2014 is in respect of Assessment Year 200708. 2. Mr. Kotangle, learned Counsel for the Revenue urges only f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt assessee to its sister concern was to the extent of ₹ 28.67 crores at a time when it had its own interest free funds available to the extent of ₹ 41.84 crores. Therefore, in view of the decision of this Court in Commissioner of Income Tax Vs. Reliance Utility and Power Ltd. 313 ITR 340 wherein it is held that if both interest free funds and interest bearing funds are available, then ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income Tax Rules, 1962. (b) In appeal, the CIT(A) held that in view of the binding decision of this Court in Godrej and Boyce Manufacturing Ltd. Vs. Dy. Commissioner of Income Tax, 328 ITR 81 the Rule 8D cannot be invoked for the subject assessment year i.e. A.Y. 200708. In the above view following a reasonable method, the Commissioner of Income Tax (Appeals) disallowed expenditure under S ..... X X X X Extracts X X X X X X X X Extracts X X X X
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