M/S. ALTRADE MINERALS PVT. LIMITED,ROURKELA vs. ACIT,CENTRAL CIRCLE, SAMBALPUR, SAMBALPUR
In the result, appeal of the assessee is partly allowed
ITA 65/CTK/2023[2011-12]Status: DisposedITAT Cuttack16 Dec 2024AY 2011-12
Bench: Before Shri George Mathanmember & Manish Agarwal Manish Agarwalassessment Year : 2011-12 M/S. Altrade Minerals Pvt /S. Altrade Minerals Pvt Vs. Asst. Asst. Commissioner Commissioner Of Of Ltd., C/O. Kadmawala & Co., C/O. Kadmawala & Co., Income Tax, Central Circle, Income Tax, Central Circle, C.A., C.A., Budhram Budhram Oram Oram Sambalpur Market, Market, Kachery Kachery Road, Road, Rourkela. Pan/Gir No. No.Aafca 7136 F (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri M.R.Sahu, Ca Revenue By : Shri S.C.Mohanty, Sr Dr : Shri S.C.Mohanty, Sr Dr Date Of Hearing : 16/12/20 2024 Date Of Pronouncement : 16/12/20 024
For Appellant: Shri M.R.Sahu, CAFor Respondent: Shri S.C.Mohanty, Sr DR
Section 120(4)(b)Section 127Section 143(2)Section 143(3)Section 14A
dividend income which was under.
F.Y. (A.Y).
Investment (Rs)
Own Interest free Funds
(Share
Capital
Plus
Reserve & Surplus). (Rs.).
2010-11.(A.Y.2011-12)
39,43,35,181/-
44,27,51,185/-
(6.2). Thus, it is presumed that the investment has been made by the assessee out of its own interest funds without utilizing the borrowed money. Accordingly there cannot
