2017 (8) TMI 1392

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 1. This appeal under section 260A of the Income-tax Act, 1961 (the Act) challenges the order dated March 20, 2013, passed by the Income-tax Appellate Tribunal (Tribunal). The impugned order relates to the assessment year 2008-09. 2. This appeal was admitted on October 30, 2015 on the following substantial question of law : "Whether on the facts and in the circumstances of the case and in law, th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he interest which had been paid to the amount of Rs. 51 lakhs. Thus, the impugned order dismissed the appeal by following the decision of this court in CIT v. Reliance Utilities and Power Ltd. [2009] 313 ITR 340 (Bom) wherein it has been held in the context of section 14A of the Act that if interest-free funds available are sufficient to meet its investment giving rise to tax-free income, it can b .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... above, it is submitted that this appeal be adjourned till the apex court takes a view on the appeal which has been filed by the assessee in the case of Avon Cycles Ltd. (supra). 5. We find that the impugned order of the Tribunal has while allowing the respondent/assessee's appeal found that facts arising in this appeal would stand covered by the ratio of the decision of this court in CIT v. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X