Aggrieved, the assessee filed an appeal before the Income Tax Appellate Tribunal for short the Tribunal .
This is an appeal against the judgment and order dated 06.08.2010 of the Bombay High Court in ITA L No.
1276 of 2010 deciding two issues against the assessee.
The Tribunal held, relying on the decision of the Delhi High Court in Commissioner of Income Tax v. Shri Ram Honda Power Equip 2007 289 ITR 475 Delhi , that netting of the interest companyld be allowed if the assessee is able to prove the nexus between the interest expenditure and interest income and remanded the matter to the file of the Assessing Officer.
K. PATNAIK, J. CIVIL APPEAL No.
OF 2012 Arising out of SLP C No.
32450 of 2010 Leave granted.
