TaxTMI 
TaxTMI 
2019 (1) TMI 265
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....matter has been heard on 28.8.2011, since the findings arrived at in the appeal for the earlier assessment year will also apply to the identical issues raised in the year under consideration, hence, this appeal is adjudicated after hearing the Ld. DR. 3. The Revenue in this appeal has taken the following grounds:- 1. Whether on the facts and circumstances of the case in law, the Commissioner of Income Tax (Appeals) was justified in deleting the disallowance of Rs. 51,64,563/- made by the Assessing Officer under section 14A of the Income Tax Act read with Rule 8D of the Income-tax Rules on the reasoning that no exempt income was earned in the relevant year? 1.1 Whether on the facts and circumstances of the case and in law, the Commissio....
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.... 2.2 Whether on the facts &. circumstances of the case and in law, the Commissioner of Income-tax (Appeals) was justified in deleting the disallowance of Rs. 1,37,12,660/- made by the Assessing Officer under section 36(l)(iii) of the Income-tax Act particularly when the assessee failed to demonstrate the commercial expediency of advances were given to M/s Macro Dairy Venture Pvt. Ltd. out of composite funds including the borrowed funds? That the order of the CIT(A) on the above issues raised in this appeal be set aside and that of the Assessing Officer be resorted to. That the appellant craves leave to add or amend any ground of appeal before it is finally disposed off. 4. Ground Nos. 1, 1.1 & 1.2: The issue raised by the Revenue vid....
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....he interest expenditure u/s 36(i)(iii) of the Income Tax Act. Identical issue has been raised by the Revenue in the earlier assessment year 2012-13 which has been decided by this Tribunal in the own case of the assessee by this Bench vide order dated 26.11.2018, wherein, the Tribunal after considering the rival submissions of the parties has decided the issue in favour of the assessee by holding that assessee was possessed of sufficient own funds to meet the investment / interest free advances made. The Tribunal while allowing this issue in favour of the assessee has relied upon the decision of the Hon'ble Bombay High Court in the case of 'Reliance Utilities and Power Ltd.' 313 ITR 340' and of the Hon'ble Jurisdictional High Court i....