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TMI Blog2020 (10) TMI 1114X X X X Extracts X X X X X X X X Extracts X X X X ..... of interest expenditure of Rs. 3,53,06,301/- u/s 36(1)(iii) of the Act suffers from a mistake, which being apparent from record renders the same amenable for rectification under Sec.254(2) of the Act. As is discernible from the aforesaid application, it is the claim of the assessee that only a sum of Rs. 6,534/- could have been disallowed out of the interest expenditure that was claimed by it as a deduction during the year under consideration. 3. During the course of hearing of the application the ld. Authorized Representative (for short "A.R‟) for the assessee applicant took us through the aforesaid application, and submitted, that as the assessee applicant at the relevant point of time had sufficient interest free funds, therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... posing off the appeal did not suffer from any mistake, therefore, the application filed by the assessee applicant was liable to be rejected on the said count itself. It was submitted by the ld. D.R that the assessee by filing the present application has in fact sought a review of the order passed by the Tribunal under Sec. 254(1) of the Act. It was submitted by the ld. D.R that as the review of an order passed by the Tribunal is not permissible under law and in fact beyond the purview of the jurisdiction of the Tribunal, therefore, the application filed by the assessee applicant was liable to be rejected. Insofar the judgment of the Hon'ble Supreme Court in the case of CIT Vs. M/s Reliance Industries Ltd. in Civil Appeal No.10 of 2019, date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has drawn support from the judgment of the Hon'ble Supreme Court in the case of CIT Vs. Reliance Industries Ltd. in Civil Appeal No. 10 of 2019, dated 02.01.2019, wherein it was observed that in case if an assessee has sufficient interest free funds available with it, then, it could safely be concluded that the interest free advances were made from such funds. However, as the facts involved in the aforesaid appeal are clearly distinguishable as against those involved in the case of the present assessee, hence, the said judicial pronouncement of the Hon'ble Apex Court relied upon by the assessee would not assist its case. On a perusal of the order passed by the Tribunal while disposing off the assessee‟s appeal, we find, that it was th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rds revealed that the cumulative balance in the capital accounts of the partners on 31.03.2011 after crediting the profits of Rs. 29,73,91,730/- therein stood reflected at Rs. 14,62,65,453/- (dr.) 6. On the basis of the aforesaid facts, we are of the considered view that the Tribunal while upholding the disallowance u/s 36(1)(iii) of Rs. 3,53,06,301/-, had taken a conscious view in the backdrop of the facts available on record. Considering the claim raised by the assessee in its aforesaid application, we find ourselves to be in agreement with the contention advanced by the ld. D.R, that the assessee in the guise of the present application is in fact seeking a review of the order that was passed by the Tribunal while disposing off the appea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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