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2014 (7) TMI 1062 - AT - Income TaxInterest expenses u/s 14A – Held that:- As decided in assessee’s own case for the earlier assessment year, it has been held that the Assessee was having sufficient interest free funds and therefore there was no justification for presuming that any part of interest bearing loan has been utilized for the purpose of making investments - major investments made in earlier years were out of interest free unsecured loans – thus, the order of the CIT(A) is upheld – Decided against Revenue. Depreciation on motor car – Held that:- As decided in assessee’s own case for the earlier assessment year, it has been held that revenue has not brought any material on record to demonstrate that the purchase of vehicle was not out of the funds of the Assessee and further the vehicle was not used for the purpose of business of the Assessee – assessee contended that no depreciation has been claimed by the Directors in their individual return – The order of CIT(A) is upheld – Decided against Revenue.
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