2015 (2) TMI 666

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....ourable Mr. Justice Jayant Patel) 1. The present appeal is directed against the order passed by the Tribunal dated 05.08.2014 in ITA No.206/Ahd/2013 for the Assessment Year 2009-2010. 2. We have heard Mr.Bhatt, learned counsel appearing for the appellant. 3. The appellant revenue has formulated two questions being substantial questions of law as under: "(A) Whether the Appellate Tribun....

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....hows that the Tribunal in view of the decision of the Apex Court in the case of TRF Ltd. vs. CIT reported in 323 ITR 397 has held against the revenue. We do not find any substantial question of law would arise as sought to be canvassed since the question raised is already covered by the above referred decision of the Apex Court. 5. On the aspect of question (B), the perusal of the reasoning rec....

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....ecific purpose of acquiring fixed assets and the availability of surplus funds in making the advances in dispute cannot be disbelieved. Also the major part of advances at Rs. 90 Lacs was for trading security and balance advances are in any case covered by the availability interest free funds. In that view of the matter, there is no factual basis to compute any interest for disallowance on prorate ....