Recall of order - Nexus between interest borrowings and interest free advances – Proper amount of closing balance

 ITAT AHMEDABAD - Income Tax

Madhav Cotton Ginning & Pressing Factory Versus ITO, Wd. 2 (3), Bhavnagar.

Recall of order - Nexus between interest borrowings and interest free advances – Proper amount of closing balance – Cited case laws not considered - Held that:- The assessee submitted that the Tribunal has not considered the contentions of the applicant – the Tribunal has not fully and properly considered the case laws cited and relied upon by the applicant and merely observed that they were not applicable though the same were fully applicable to the facts of the case - the assessee has a case and is required to reconsider the facts of the case and case laws cited by the assessee – thus, the recall of order on the issue is allowed – Decided in favour of Assessee.