2020 (6) TMI 831

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pondent : Shri Dileep Kumar, Sr. D.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....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he conclusion that the said funds were applied for a 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....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....437/Ahd/2014 order dated 09.07.2018 concerning AYs. 2010-11 & 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 th....