2018 (10) TMI 1030

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....handelwal-AR ORDER Per Rajesh Kumar, Accountant Member: By way of this miscellaneous application dated 01/01/2017, the revenue is seeking rectification/recalling of the order passed by the Tribunal in ITA No.512/365/Mum/2016 for assessment year 2011-12 dated 28/06/2016, as there is apparent mistake in the said order. 2. The ld. DR submitted before the Bench that out of the two Grounds ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ree advances given by company to its staff as per the provisions of section 36(1)(iii) of the Act. As per the DR any amount of interest paid in respect of capital borrowed for the purpose of business is allowable as deduction only if the borrowed funds are utilized for the purpose of business and continues as such. The ld. AR while referring to copy of balance sheet filed at page 222 to 239 of the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y the AO towards the interest on staff advances given by the assessee u/s. 36 (1)(iii) of the Act. After perusing the record before us including balance sheet and loan & advances, we observe that assessee's own funds in the form of share capital and reserves are Rs. 2.81 crores whereas the advances to the staff were only to the tune of Rs. 57.58lacs and therefore there is no justification for the ....