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TMI Blog2017 (2) TMI 1442X X X X Extracts X X X X X X X X Extracts X X X X ..... 4.9.2016 is against the order of the CIT (A)-16, Mumbai dated 29.6.2016 for the assessment year 2012-2013. In this appeal, Revenue raised the following grounds which read as under:- "1. Whether in the circumstances of the case and in law, the Ld CIT (A) erred in holding that there was a nexus between "interest bearing borrowings and‟ and "interest yielding advances‟ignoring that, at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3;. Assessee filed the return of income declaring the loss of Rs. 41,15,956/-. Assessment was completed u/s 143(3) of the Act and the assessed income was determined at Rs. 10,69,340/-. During the assessment, AO observed that the assessee earned interest income of Rs. of Rs. 9,18,393/-. Further, assessee also paid interest on borrowings and the said interest paid works out to Rs. 51,85,299/-. In th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case of the assessee. However, considering the covered nature of the issue, I proceed to adjudicate this appeal with the help of the Ld DR for the Revenue, who relied heavily on the order of the AO. 5. On hearing both the parties and on perusal of the orders of the Revenue Authorities as well as the relevant material placed before us, I find, the contents of the said para 5.1.12 of the CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the above, it is evident that the CIT (A) granted relief to the assessee complying with the directions of the Tribunal in the assessee's own case for the earlier AY 2011-12. CIT (A) gave finding and there is no change on the facts. Considering the above, I am of the opinion, the decision of the CIT (A) is fair and reasonable and it does not call for any interference. Accordingly, solitary ground r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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