TaxTMI 
TaxTMI 
2016 (10) TMI 1104
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....the Act), challenges the order dated 25th June, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order relates to Assessment Year 2005-06. 2. The Revenue urges the following question of law for our consideration:- "Whether on the facts and in the circumstance of the case and in law, the Tribunal, Pune was correct in deleting the disallowance u/s. 36(1)(iii)of the IT....
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.... it to its sister concerns. This disallowance was partly under Section 14-A of the Act and partly under Section 36(1)(iii) of the Act. 4. Being aggrieved, the Assessee filed an appeal to Commissioner of Income Tax (Appeals) [CIT (A)]. In appeal, the CIT (A) set aside the order of the Assessing Officer and restored the issue to him for passing a fresh order on the above issue. This after examining....
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.... Act took up the issue for consideration. The dispute before the Tribunal was whether the Respondent-Assessee had its own sufficient fund so as to give interest-free advances to its sister concerns. Accordingly, the Tribunal directed Assessee to file its written submission in support of its assertion that it had its own sufficient interest-free fund to make interest-free advances to its sister con....
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.... in its impugned order also placed reliance upon the decision of this Court in CIT v. Reliance Utilities & Power Ltd. [2009] 313 ITR 340/178 Taxman 135 (Bom.) to hold that where interest-free funds available with an Assessee are sufficient to meet its investment then it shall be presumed that the investments have been made from interest-free funds available and not out of borrowed funds. Thus, hol....