City Lubricants Pvt. Ltd., Chennai vs. ACIT, Chennai
In the result, the appeal filed by the assessee is allowed
ITA 3083/CHNY/2019[2010-11]Status: DisposedITAT Chennai15 Feb 2023AY 2010-11
Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. No.3083/Chny/2019 िनधा"रण वष"/Assessment Year: 2010-11 M/S. City Lubricants Private Limited, Vs. The Assistant Commissioner Of No. 14, Thiruneermalai Road, Income Tax, Chrompet, Chennai 600 064. Corporate Circle 1(2), Chennai. [Pan:Aabcc3825H] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : None ""थ" की ओर से/Respondent By : Shri Ar V Sreenivasan, Addl. Cit सुनवाई की तारीख/ Date Of Hearing : 07.02.2023 घोषणा की तारीख /Date Of Pronouncement : 15.02.2023 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 4(I/C), Chennai, Dated 09.09.2019 Relevant To The Assessment Year 2010-11. 2. Brief Facts Of The Case Are That The Assessee Filed Its Return Of Income For The Assessment Year 2010-11 On 15.10.2010 Declaring Loss Of ₹.25,65,746/- Under Normal Provisions & Book Profits At ₹.33,47,141/-. The Return Was Initially Processed Under Section 143(1) Of The Income Tax
For Appellant: NoneFor Respondent: Shri AR V Sreenivasan, Addl. CIT
Section 143(1)Section 143(2)Section 143(3)Section 14ASection 36(1)(iii)Section 37
…icient to meet its investment and thus, it could be presumed that the investments were made from the interest free funds available with the assessee. Our view is duly fortified by the Hon’ble Supreme Court in the case of CIT v. Reliance Industries Ltd. [2019] 410 ITR 466 (SC), wherein, similar findings of the Tribunal were duly affirmed by the higher Courts. Under the above facts and circumstances, the addition made towards disallowance of interest stands deleted. 7. In the result, the appeal filed by the assessee is allowed. Order pronounced on 15th February, 2023 at Chennai. (G. MANJUNATHA) JUDICIAL MEMBER Che…
