Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (4) TMI 660 - AT - Income TaxRestriction of disallowance of interest expenses u/s 14A of the Act – Held that:- CIT(A) has given relief to the assessee in view of the undisputed fact that assessee was having interest free funds against the investment in shares - there was no finding of AO that interest bearing funds were utilized by the assessee in making investments in shares resulting in tax free income – relying upon CIT vs. Jayesh Budhalal Mehta [2010 (2) TMI 1056 - GUJARAT HIGH COURT] - if assessee has sufficient interest free funds and AO having have not brought any material on record to prove that interest bearing funds were utilized in making investments in assets resulting in tax free income then no disallowance could be made - disallowance to the extent of Rs. 89,550/- has been retained by the Ld. CIT(A) in view of the fact that assessee himself had estimated the administrative costs attributable to dividend income at Rs. 89,550 – thus, there is no need to interfere in the order of the CIT(A) – Decided against Revenue. Addition of STCG as business profit – Held that:- Assessee as well as revenue both are in appeal - At the time of hearing counsel of the assessee reiterated the submissions made before lower authorities and also highlighted certain portion of those submissions and relied upon case laws - it would not be proper to accept the submissions without getting them verified – thus, the matter is required to be remitted back to the AO for fresh adjudication – Decided in favour of Revenue.
|