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Modi Entertainment Ltd., New Delhi vs Assessee on 25 February, 2011 cites

C.I.T.,Ahmedabad vs Reliance Petroproducts Pvt.Ltd on 17 March, 2010

- CIT v. Reliance Utlities & Power Ltd : 313 ITR 340 (Born.) C. Re: Disallowance of interest on amount receivable from M/ M/s K.K. Modi Investment and Financial Services Ltd 13 ITA NO. 2208/Del/2011 .:. In the assessment order, the AO' has simply observed that Since an amount of Rs.2,94,78,400 was due from M/s K.K. Modi Investment and Financial Services Limited, holding company of the appellant, interest paid was disallowable. • :. The AO failed to appreciate that the aforesaid amount was due as on 31st March, 2000, which, too, got reduced to Nil as on 31st March, 2001. That being so, since the loan from HSBC Bank was received in January, 2001, the question of utilizing the same for giving loan to the parent company and consequent disallowance of any part of interest paid to HSBC Bank could not arise at all.
Supreme Court of India Cites 13 - Cited by 1723 - V S Sirpurkar - Full Document

The Commissioner Of Income Tax-Iv vs Givo Ltd. on 27 July, 2010

.:. Even otherwise, it is respectfully submitted that since no disallowance was made in the earlier years on the above amount, carried forward as opening balances it is not open to the Department to make any disallowance on account of interest [refer recent Delhi High Court in the case of CIT v. Givo Ltd.: ITA No. 941/2010 (Del.), copy attached herewith as Annexure] It is also of utmost importance to note that during the year under consideration, the appellant earned interest income of Rs.55,36,506, which far exceeded the interest paid on HSBC loan 14 ITA NO. 2208/Del/2011 amounting to RS.31,39,988. Kind attention, in this regard, is invited to the following:
Delhi High Court Cites 2 - Cited by 17 - Manmohan - Full Document
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