TaxTMI 
TaxTMI 
2014 (9) TMI 1088
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....RI OM MARATHA, J.M. : This is appeal of the department filed, for A.Y. 2009-10, against the order of ld. CIT(A) dated 17.01.2014. 2. The sole issue involved in this appeal is whether the ld. CIT(A) has correctly deleted the addition of Rs. 82,15,611/- made after disallowance of interest because to the extent the assessee has given interest free advances although it has borrowed funds and paid in....
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....roceeded to disallow proportionate interest and after considering assessee's reply disallowed a sum of Rs. 82,15,611/- out of interest expenses claimed @ 11% interest as detailed at page 3 of the assessment order. 2.1 Aggrieved, the assessee filed appeal and ld. CIT(A) has deleted the above addition of Rs. 82,15,611/- while deciding issue regarding disallowance together with other connected issue....
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....ree advances. He, further, stated that the judgement of Hon'ble Apex Court in the case of S.A. Builders vs CIT 288 ITR 1 S.C. on whose ratio decidendi ld. CIT(A) has relied, is not applicable to the facts of this case. 2.3 On the other hand ld. A.R. has stated that there is no diversion of the borrowed funds and the case of the assessee is covered u/s 36(i)(iii) and not u/s 37 of the Act. He has ....