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The Commissioner of Income Tax-4 Versus M/s. Bakliwal Financial Services (I) Pvt. Ltd.

2016 (8) TMI 1089 - BOMBAY HIGH COURT

Addition made on account of interest paid on Bank OD and unsecured loan - ITAT deleted the addition - Held that:- We find that the impugned order records the fact that the interest free advances made by the respondent assessee to its sister concern w .....

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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 that investments / advances have been made out of interest free funds, the disallowance .....

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Utility Power Ltd. (supra). - No substantial question of law - Decided against revenue - Disallowance u/s 14A - ITAT restricting the disallowance only to the extent of 5% of dividend income arbitrarily - Held that:- Disallowance made by the CIT(A .....

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dent 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 As .....

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ition made on account of interest of ₹ 46,84,997/paid on Bank OD and unsecured loan, even though before the appellate proceedings, the assessee failed to discharge its liability that the loans has not been used for the purpose of business only? .....

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n (i) : (a) We find that the impugned order records the fact that the interest free advances made by the respondent 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 t .....

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ailable, then a presumption arises that investments / advances have been made out of interest free funds, the disallowance of interest payment of ₹ 46.84 lakhs made to the bank was deleted. This was since interest free advances are much less th .....

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of this Court in Reliance Utilities (supra), the issue as proposed does not give rise to any substantial question of law. Thus, not entertained. 4. Regarding Question no.(ii) : (a) The Assessing Officer disallowed an expenditure of ₹ 49.14 lak .....

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