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TMI Blog2015 (10) TMI 2640X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act. It is the say of the Ld. Counsel that facts in issues are already decided by the Tribunal in assessee's own case in A.Y. 2006- 07 and 2007-08 in so far as the facts relate to the investments out of own funds. In respect of ground No. 6 to 9, the Ld. Counsel submitted a chart explaining how the issues are covered against the assessee/in favour of the assessee by the decision of the Tribunal in assessee's own case for A.Y. 2006-07 and 2007-08. 3. The Ld. Departmental Representative fairly conceded to the submissions made by the Ld. Counsel. 4. We have given a thoughtful consideration to the orders of the authorities below. We have also carefully gone through the decision of the Tribunal in assessee's own case in A.Yrs 2006-07 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enditure of Rs. 1.06 crore was attributable to the fresh investment made in A.Y 2006-07 & 2007-08. 3.3.(f) In view of discussion made in para 3.3(e) above, the interest expenditure is required to be worked out on investment which are appearing in opening balance but only on those investments which were purchased in A.Y. 2006-07 & 2007-08." 7. The Tribunal at page-3 of its order qua para-5 has given the following findings. "After considering the facts and submissions and the investment vis-à- vis borrowed funds and own funds, the ld. CIT(A) has restricted the disallowance to Rs. 50 lacs. The assessee has also aggrieved by this finding of the ld. CIT(A) vide ground No. 1 & 2 of its appeal. We find that the total investment made du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sallowance which is at page-11 of his order at para- 3.3(j). The assessee has also given a working sheet. It is the say of the Ld. Counsel that there is an arithmetical error in the calculations made by the Ld. CIT(A) which need to be recomputed. In support of his claim, the Ld. Counsel furnished a fresh working to show the discrepancy. 10. Ground No. 5 is directly related to the grievance raised vide ground No. 1 & 2 hereinabove. 11. Having said all that in the light of the decision of the Tribunal given in earlier assessment years and the relevant portion as exhibited hereinabove, the assessee raised a new plea during this year and claimed that the investments made in the companies are strategic investments which have been made for busi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The issue find place at para-15 on page-5 of Tribunal's order wherein the Tribunal has followed the decision of the Co-ordinate Bench in assessee's own case for A.Y. 2005-06 in ITA No. 1090/M/2009 and dismissed the appeal of the assessee. Respectfully following the findings of the Co-ordinate Bench, disallowance of Rs. 1,16,125/- is upheld. Ground No. 6 is accordingly dismissed. 15. Ground No. 7 relates to the addition on account of unutilized cenvat credit of Rs. 7,90,65,760/-. 15.1. This issue has been decided in favour of the assessee and against the Revenue by the Tribunal vide its order dated 28.8.2014 in ITA No. 4621 and 3136/M/2011. The issue find place at para-26 and 27 on page-7 Tribunal's order wherein the Tribunal has observed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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