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2019 (11) TMI 1548 - ITAT MUMBAIDisallowance u/s 36 - interest on loans which were utilised to acquire the said assets in the earlier years and not put to use, was required to be capitalize to the closing CWIP - HELD THAT:- As clear cut findings have been recorded by the ld.CIT(A) and came to a conclusion that no interest disallowance can be made as the funds used for work in progress has been paid out of own sources . Ld.CIT(A) while deleting the addition relied on the decisions of Reliance utilities & Power Ltd [2009 (1) TMI 4 - BOMBAY HIGH COURT] and HDFC Bank Ltd [2014 (8) TMI 119 - BOMBAY HIGH COURT] and Munjal Sales Corporation Vs. Another [2008 (2) TMI 19 - SUPREME COURT] and other various ITAT decisions. We find that the ld.CIT(A) has passed a speaking and reasonable order while relying on the various decisions. Disallowance u/s.14A r.w.r. 8D - CIT-A deleted the addition - HELD THAT:- CIT(A) has given a clear cut finding as to how no disallowance is required to be made u/s.14A of the Act in respect of investments in shares of The Saraswat Co-op. Bank Ltd and shares of foreign companies. Ld.CIT(A) has rightly observed that income from these shares is not exempt and accordingly no disallowance is called for. Similarly, in respect of investment in shares of Wardha Power Company, ld.CIT(A) noted that assessee is not entitled to any dividend and as such has not received any dividend. Considering the facts on record and the order of the ld.CIT(A), we are of the view that no interference is called for in the appellate order passed by ld CIT(A). Revenue appeal dismissed.
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