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2012 (5) TMI 728 - ITAT MUMBAIDisallowance of interest and other operating expenses treating that the expenses were incurred for earning income exempt u/s. 10 - Held that:- We are of the opinion that matter should be restored to the file of the CIT(A) for adjudicating the issue of disallowance afresh. Assessee is directed to furnish the details like availability of interest free funds, reserves, self generated fund etc., during the hearing proceedings to be held by the CIT(A). Applicability/non-applicability of Section 115JA - Held that:- MAT cannot be applied to electricity companies for mutually similar reason we uphold the plea of the assessee. We decided the issue in favour of the assessee. As we have held that provisions of Sec. 115JA are not applicable in the case under consideration.
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