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2014 (3) TMI 847 - GUJARAT HIGH COURTDisallowance of interest expenditure u/s 14A of the Act – Dividend income received – Held that:- Both the authorities have correctly approached the issue in as much as the record clearly had reflected from the balance sheet of the assessee-company that the interest free funds available was much larger to the extent of Rs. 84,45,567 lakhs as compared to the investment which was only Rs. 22.707 lakhs - Both the authorities have also noted faultlessly that the dividend income which was earned out of the investments made in the earlier years and there was no investment made in the year under consideration – Relying upon CIT v. Gujarat State Fertilizers & Chemicals Ltd. [2013 (7) TMI 701 - GUJARAT HIGH COURT] – no substantial question of law arises for consideration – Decided against Revenue.
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