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TMI Blog2018 (12) TMI 1661X X X X Extracts X X X X X X X X Extracts X X X X ..... r.Balina Suresh Babu, JCIT, D. R ORDER PER GEORGE MATHAN, JUDICIAL MEMBER This is an appeal filed by the assessee against the order of the Commissioner of Income-tax (Appeals)-4, Chennai in ITA No.5/2011-12/A.Y 2003-04/CIT(A)-4 dated 20.02.2018 for the assessment year 2003-04. 2. Mr.R. T. Vijayaraghavan represented on behalf of the Assessee and Mr.Balina Suresh Babu represented on behalf of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n that assessee company is also dealing in health care products. It was a submission that being a company, the assessee had borrowed certain funds which had been required immediately and the same had been given on interest. It was a submission that the ld. Assessing Officer disallowed the interest paid on the ground that there was no business activity. It was a submission that as the assessee had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d fully disclosed material facts required for his assessment. This being so, the reopening of the assessment itself is invalid. Even on merits, it is not disputed that interest receipt has been taxed. Once the interest receipt has been taxed, obviously the expenditure incurred in respect of earning such interest receipt being the interest outgo is also liable to be allowed. This being so, even on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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