2015 (10) TMI 1752

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....a, Sr. Adv. with Mr. Atul Jasani ORDER P. C. This Appeal under Section 260-A of the Income Tax Act, 1961 (the Act), challenges the order dated 31st October, 2012 passed by the Income Tax Appellate Tribunal (the Tribunal) for the Assessment Year 2001-02. 2. The Revenue urges the following question of law for our consideration: "Whether on the facts and in the circumstances of t....

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....red the issue to the Assessing Officer to consider the Respondent-Assessee's contention and in case it is held that Reliance Utilities & Power (supra) does not apply, then on application of Section 14A of the Act, the disallowance has to be done on reasonable basis. This view was taken by the impugned order following the decision of this Court in Godrej & Boyce Mfg. Co. Ltd. v/s. DCIT 328 ITR ....

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....-... ... Looking to the entirety of the facts and circumstances, we set aside the impugned order passed by the Commissioner (Appeals) and restore back this issue to the file of the Assessing Officer who will firstly, examine the availability of interest free funds and assessee's own funds for the purpose of making the investment and secondly, even after examining the availability of funds, it ....