2025 (12) TMI 1109

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....Manoj Tripathi, Addl.CIT (virtual) ORDER PER : MANISH BORAD, AM This appeal at the instance of the assessee is directed against the order of ADDL/JCIT (Appeals), Panaji ["CIT(A)"] dated 30/07/2025 passed under section 250 of the Income Tax Act, 1961 ("Act") which is arising out of order u/s. 143(3) of the Act dated 27/10/2016 passed by the ACIT, Circle-1, Nashik for the Assessment Year (A....

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....e assessee. 4. On the other hand, Ld. Departmental Representative (DR) vehemently argued supporting the order of Ld. CIT(A). 5. We have heard rival contentions and perused the records placed before us. We observe that assessee is a Co-operative bank and return of income for the A.Y. 2014-15 furnished on 19/11/2014 declaring income of Rs. 1,18,79,695/-. After the case being selected for scrut....

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....case of Reliance Industries Ltd. (supra). The Hon'ble Court has held that if the interest free funds available with the assessee are sufficient to meet the investments fetching exempt income, then it is to be presumed that, such investments were out of interest free funds. In the light of the above judgment, we on going through the financial statements of the assessee placed at page Nos. 35-43....