2022 (12) TMI 1549

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....resent appeal has been filed by the assessee against order passed by the Commissioner of Income Tax(Appeals)-5, Vadodara in short referred to as ld. CIT(A)) under section 250(6) of the Income Tax Act, 1961 ("the Act" for short), dated 14.09.2020 pertaining to Asst.Year 2014-15. 2. Sole issue in the present appeal relates to disallowance of interest expenditure under section 36(1)(iii) of the Ac....

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.... investment in interest free advances of Rs. 17,61,391/-. As evidence, he drew our attention to the audited accounts of the assessee for the impugned year placed before us pat PB Page No. 13 to 19, more particularly, PB-13 containing balance sheet of the assessee reflecting the above amounts. He pointed out that interest free funds available with the assessee was more than the interest b....