9911796707
TMI Blog2012 (5) TMI 726X X X X Extracts X X X X X X X X Extracts X X X X ..... PRESIDENT: This is assessee's appeal directed against the order of the Commissioner of Income Tax (Appeals)-I, Baroda for the assessment year 2004-2005. 2. The learned counsel for the assessee submitted that this is a recalled matter. The Tribunal has disposed of the matter vide its order dated 21-10-2011 and the appeal of the assessee was partly allowed. However, the assessee filed Misc. Appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 35,203/- out of the disallowed amount of interest of ₹ 5,41,838/- vide its order dated 7-2-2012 passed in MA No.171/Ahd/2011. The learned counsel for the assessee submitted that the assessee is entitled to its alternative plea of netting to the extent of ₹ 35,203/- interest income from "KBPL" from the disallowed interest amount of ₹ 5,41,838/- and that there was no factual dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nexus between the two could not be controverted by the department. In these facts of the case, we are of the view that the assessee is entitled to netting of interest earned of ₹ 35,203/- out of interest paid of ₹ 5,41,838./- and we direct accordingly and the assessee gets a relief of ₹ 35,203/-. Thus, the ground no.1 of the assessee is partly allowed. 4. In the result, the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
