2022 (4) TMI 1233

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....r 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') in ITA No. 6597/Del./2016 for the Asse....

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....r 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. The net amount of interest of Rs. 9.35 cro....

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....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 venture partner were inextricably linked with the....