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

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

Cit vs Padmini Packaging (P) Ltd. on 4 April, 2006

- CIT vs. Padmani Packaging (P) Ltd.: 155 Taxman 268 (Del.) Applying the aforesaid principle, it has been held by the Courts that where borrowed funds have been used for the purposes of business, interest thereon is allowable deduction in terms of section 36(1)(iii) of the Act; it is not open to the Revenue to contend that since the assessee had interest free funds of its own, there was no necessity to borrow money:
Delhi High Court Cites 2 - Cited by 17 - Full Document

Regal Theatre vs Commissioner Of Income-Tax, New Delhi. on 8 March, 1965

- Regal Theatre vs. CIT : 225 ITR 205 (Del.) In view of the aforesaid, the conclusion drawn by the CIT(A) while questioning the commercial justification of the appellant in advancing interest free advances and simultaneously making borrowings, is patently erroneous. The order of the CIT(A) affirming the order of the assessing officer is, therefore, legally and factually unsustainable."
Punjab-Haryana High Court Cites 6 - Cited by 32 - Full Document

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
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