2022 (4) TMI 1233

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....alhotra, senior standing counsel for the Revenue with Mr.Shailendra Singh and Mr.Udit Sharma, Advocates. Respondent: Mr.Ajay Vohra, Sr.Advocate with Ms.Kavita Jha and Mr.Himanshu Aggarwal, Advocates. JUDGMENT MANMOHAN, J (Oral): 1. Present appeal has been filed challenging the order dated 29th November, 2019 passed by Income Tax Appellate Tribunal (hereinafter referred to as 'the ITAT'....

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....sbursed in a single trench in the year under consideration and during this year, the assessee could utilise only Rs. 33.70 crores. Therefore, the assessee had temporarily parked the ECB loan in FDRs till utilisation for fixed asset/capital expenditure strictly in compliance with RBI instructions. The assessee had paid interest of Rs. 13.38 crores and has earned interest on FDRs of Rs. 4.03 crores.....

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.... Delhi vs. Income Tax Officer, (2009) 315 ITR 255 (Delhi) has held ".......In view of the discussion above, in our opinion the Tribunal misdirected itself in applying the decision of the Supreme Court in Tuticorin Alkali Chemicals (supra) in the facts of the present case. In our opinion on account of the finding of fact returned by the CIT(A) that the funds infused in the assessee by the joint ven....