TMI Blog2019 (1) TMI 392X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee’s non-interest bearing fund exceed non-business investments. The said investments have been made/accepted in assessment year 2008-09 as against in the impugned assessment year. All these clinching aspects have gone unrebutted during the course of hearing. We quote hon'ble Bombay high court’s landmark decision in CIT vs. Reliance Utilities & Power Ltd. (2009 (1) TMI 4 - BOMBAY HIGH COURT) to conclude that necessary presumption in such case is that of investment from non-interest bearing funds only. - Decided in favour of assessee. - ITA No.1677/Kol/2016 - - - Dated:- 12-11-2018 - Shri S.S.Godara, Judicial Member And Dr. A.L. Saini, Accountant Member For the Appellant : Shri Soumitra Choudhury, Advocate For the Respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Real estate 13652627 Ruchi reality holdings Pvt Ltd 2156009 HDFC AMC Ltd 1750000 Shares in companies 200172 PPF Account 631846 ASLN AKALIMATA 500000 Total 18890654 The appellant has replied that there was no alleged investment of ₹ 1,88,90,654/- and due to capital adjustment those asse5t has been shown in asset and two asset purchased and advance of ₹ 1,33,52,627/- with a motive to make profit by hence ultimate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e has been shown. This clearly shows that the appellant has not used his surplus fund for investment. It was borrowed fund which has been used for investment purpose. The appellant has submitted that the asset has been sold in subsequent year on account of which he has earned profit. It was gathered from him during the appellate proceeding that subsequent sale has been shown as long term capital gain. The appellant was asked as how he can claim business expenses once he shown capital gain on sale of those investment against which interest has been claimed. No argument or suitable explanation was given. Considering the fact that the appellant has not submitted any cash flow statement which can through any light that the investment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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