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TMI Blog2020 (7) TMI 467X X X X Extracts X X X X X X X X Extracts X X X X ..... in these appeals relates to the direction of learned CIT(A) to delete the addition on account of subsidy received on the Technology Upgradation Fund (TUF). The Revenue's ground further states that the ITAT order in this regard has not been accepted by the Department and the appeal has been filed before the Hon'ble Bombay High Court. 3. Brief facts on this issue are that consequent upon the disallowance of the aforesaid sum by the Assessing Officer, the learned CIT(A) had deleted the disallowance by referring to ITAT decision in assessee's own case. Against this order, Revenue has filed appeal before us. 4. Upon hearing both the Counsel and perusing the records, we find that ITAT in assessee's own case has decided this issue in fav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in favour of the assessee by the ITAT decisions in assessee's own case, as referred above. 8. Per contra, learned Departmental Representative submitted that this issue has already been dealt with by Hon'ble Jurisdictional High Court in several decisions. He submitted that in those decisions the Hon'ble Jurisdictional High Court held that such income have to be taken into account for computation of book profit. In this regard, learned Departmental Representative referred to the judgment of Hon'ble Bombay High Court in the case of CIT vs Veekaylal Investment Co. (P.) Ltd., 249 ITR 597 (Bom.) 9. The Learned Departmental Representative further submitted that ITAT, Hyderabad Special Bench in Rain Commodities Ltd. vs DCIT, 131 TTJ 514 (H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ollowing decisions: - "1. Pr. CIT vs. Bhagwan Industries Ltd in ITA No. 436 of 2015 vide order dated 18.07. 2017. 2. CIT vs. Akshay Textile Trading & Agencies Pvt Ltd 304 ITR 401 (Bom). 3. CIT vs. Adbhut Trading Co. Pvt. Ltd. (2011) 338 ITR 94 (Bom)" Furthermore, we note that Hon'ble Supreme Court in the case of ACIT vs Saurashtra Kutch Stock Exchange Ltd., 305 ITR 227 (SC) has expounded that non-consideration of jurisdictional High Court decision can render a decision of the Tribunal suffering from mistake apparent from record. 13. Furthermore, we note that honourable Supreme Court in the case of Kapurchand Shrimal v CIT, 131 ITR 451 (SC) had expounded that it is the duty of the appellate authority to correct the errors in the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , he did not dispute, that interest free funds available were more than the investments made. Upon assessee's appeal in this regard, learned CIT(A) allowed the issue in favour of assessee by agreeing with the contention that Hon'ble Bombay High Court decision in the case of HDFC Bank is applicable in as much as sufficient interest free funds are available. 17. Against this order, Revenue is in appeal before us. We have heard both the Counsel and perused the records. We find that it has not been denied by the Assessing Officer that assessee has sufficient interest free funds. However, the Assessing Officer has held that assessee has not submitted the cash flow statement. Furthermore, the Revenue now contends that the said decision of Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sufficient interest free funds to make these investments/advances on the ground that assessee has not submitted the cash flow statement. It is not denied that assessee had sufficient interest free funds. The learned CIT(A) has noted this aspect and he has decided this issue solely on the basis of the fact that assessee has sufficient interest free funds to give those advances and he has relied upon the decision of Hon'ble Bombay High Court in the case of HDFC Bank (supra). The learned CIT(A) has not allowed this issue in favour of assessee on the ground of commercial expediency. In this view of the matter, in our considered opinion, there is no infirmity in the order of learned CIT(A) in this regard. Accordingly, we uphold the same. 20. A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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