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2015 (2) TMI 666 - GUJARAT HIGH COURTDisallowanc on account of bad debts - ITAT deleted the addition - Held that:- Tribunal correctly in view of the decision of TRF Ltd. vs. CIT [2010 (2) TMI 211 - SUPREME COURT ] has held against the revenue. - Decided in favor of assessee. Disallowance on account of interest expenditure u/s 14A r.w.r. 8D - ITAT deleted the addition - Held that:- As relying on case of CIT vs. Reliance Utilities and Power Ltd. (2009 (1) TMI 4 - HIGH COURT BOMBAY) wherein held that if there were funds available both interestfee and overdraft and/or loans taken, then a presumption would arise that investments would be out of the interestfree fund generated or available with the company, if the interestfree funds were sufficient to meet the investments. Thus no reason to interfere in the said issue when both the Authorities have concurrently held that there were sufficient funds available with the company and they held in favour of the assessee. - Decided in favor of assessee.
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