2017 (12) TMI 1893

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....t : Sh. Subhash Aggarwal ORDER Per Sanjay Garg, Judicial Member: The present appeal has been preferred by the Revenue against the order of the Commissioner of Income Tax (Appeals), [hereinafter referred to as CIT(A)] -1, Ludhiana dated 17.01.2017. 2. The Revenue has taken following effective grounds of appeal:- 1. Whether upon the facts and circumstances of the case in law, th....

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....eted the aforesaid disallowances while observing that assessee company had sufficient interest free funds available to cover the investments under consideration. He, in this respect has relied upon the following decisions:-  (i) M/s Bright Enterprises Pvt Ltd Vs. CIT (2015) 234 Taxman 509 (ii) CIT Vs. Reliance Utilities & Power Ltd (2009) 313 ITR 340 4. We find that so fa....