TaxTMI 
TaxTMI 
2015 (11) TMI 399
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.... order passed by the Income- tax Appellate Tribunal, Bench at Mumbai, and for the assessment year 2003-04. 2. The order passed on January 31, 2013, and impugned in this appeal deals with the Revenue's questions and grounds. The principal ground on which the Revenue was aggrieved was a relief that the assessee obtained and from the first appellate authority. The argument of the Revenue's r....
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....nt time were 69.9 per cent. of the total funds, the utilisation of the borrowed funds for making tax-free bonds of Rs. 10.50 crores at Rs. 716.58 lakhs and the interest attributable to the said borrowed funds would have to be taken into account. The average rate of interest was applied by the Assessing Officer and which he proceeded to disallow in the assessment completed by him. 3. The Commissio....
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.... Godrej and Boyce Mfg. Co. Ltd. v. Deputy CIT reported in [2010] 328 ITR 81 (Bom). 4. In these circumstances, we find that merely because that there is a common pool of funds, a presumption that the investment yielding tax-free returns is made by the assessee out of its own funds cannot be raised. Such a view of the Tribunal, therefore, does not raise any substantial question of law. 5. However,....
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....on-liquid assets and, hence, incapable of any investment. Therefore, the inquiry as to whether the interest-free funds were available on the assets side and in the absence of sufficient proof of such availability, the presumption could not be raised. That was the inquiry which was warranted and that is why the matter came to be remitted and restore to the file of the Assessing Officer. That was to....