COMMISSIONER OF INCOME TAX Vs. KAPSONS ASSOCIATES

JUDGEMENT

(1.) This, is an appeal against the order of the Income -tax Appellate Tribunal confirming the order of the Commissioner of Income -tax (Appeals) (in short "CIT (Appeals)") deleting the disallowances in respect of three issues'. The matter pertains to the assessment year 2008 -09. The appellant contends that the following substantial questions of law -arise:

(2.) The Commissioner of Income -tax (Appeals) and the Tribunal found as a matter of fact that the company had interest -free advances from its directors/shareholders and the members of their families amounting to Rs. 315.11 lakhs as against the interest -free advances made by the company aggregating to Rs. 219.72 lakhs as on March 31, 2008, In view thereof, it was rightly inferred that the respondent/assessee had enough interest -free funds which would cover the advances also made interest -free.

(3.) The matter is covered against the appellant in this regard by our order and judgment dated July 16, 2015 in I.T.A. No. 413 of 2014, Gurdas Garg v/s. CIT (Appeals) : [2016] 6 ITR -OL 101 (P & H) where we held as under (page 108):