2020 (6) TMI 831

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....R. ORDER PER PRADIP KUMAR KEDIA - AM: The captioned appeal has been filed at the instance of the Assessee against the order of the Commissioner of Income Tax (Appeals)-1, Vadodara ('CIT(A)' in short), dated 20.07.2018 arising in the assessment order dated 29.12.2016 passed by the Assessing Officer (AO) under s. 143(3) of the Income Tax Act, 1961 (the Act) concerning AY 2014-15. 2. The subst....

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....non-business purpose was erroneous. The ld. CIT(A)-1 has also failed to appreciate that the issue on identical facts stands covered by the Hon. ITAT in favour of the Appellant for AY 2007-08 and AY 2008-09 vide ITA no. 2618/Ahd/2010 & 757/Ahd/2012 respectively." 3. We have heard the rival submissions on the issue. The disallowance of interest expenses of Rs.3,72,000/- under s.36(1)(iii) of the A....

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....-11 & 2011-12 for the same assessee. Similar reversal of disallowance was stated to have been done by the co-ordinate bench in ITA No. 1008/Ahd/2017 order dated 03.05.2019 concerning AY 2013-14. On facts, it was pointed out on behalf of the assessee that interest free funds in the form of capital/reserves etc. is substantially in excess of the interest free advances given by the assessee. The inte....