In the result assessee’s appeal in ITA No
Bench: Shri Waseem Ahmed & Ms. Madhumita Roy
capital and reserves and surplus of Rs.26,23,59,906/-. The learned AO has not found any investment made out of loan/borrowed funds. Reliance is placed on the decisions of the B'Bay high court in income- tax appeal No. 1398 of 2008 in the case of C.I.T v/s. Reliance Utilities & power Ltd. holding presumption that "if there are funds