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2015 (1) TMI 1224 - AT - Income TaxDisallowance made u/s. 14A r.w. Rule 8D - Held that:- t is an undisputed fact that the assessee is having own funds at ₹ 1.16 crores and the investment is only ₹ 30.44 lakhs. Thus it can be safely concluded that the investments have come out of own funds. Even the Hon’ble Jurisdictional High Court of Bombay has held in the case of Reliance Utilities and Power Ltd. [2009 (1) TMI 4 - HIGH COURT BOMBAY ] that where both own funds and loan funds are utilized by the assessee, the presumption is that the investments have come from the own funds. However, at the same time, we cannot deny that no expenditures have been incurred for earning the dividend income. Considering the facts of the case in totality and in the interest of justice and fair play, we direct the AO to restrict the disallowance to ₹ 11,565/- being the amount of dividend received during the year and delete the balance amount. - Decided in favour of assessee in part. Membership fee paid - capital expenditure or business expenditure - Held that:- In the decisions of the Hon’ble Supreme Court in the case of Techno Shares & Stocks Ltd.,(2010 (9) TMI 6 - SUPREME COURT OF INDIA), the Stock Exchange Membership Card has been treated as a capital expenditure on which the Hon’ble Apex Court has allowed depreciation. This decision directly go to the root of the fact in issues in hand before us. The decision relied upon by the assessee for the claims of revenue expenditure do not hold any good. The decision of the Hon’ble Supreme Court treating the Stock Exchange Membership fee as a capital expenditure set at rest the entire controversy upholding the expenditure of ₹ 5.05 lakhs as a capital expenditure, we restore this issue to the file of the AO to decide the claim of depreciation - Decided in favour of assessee in part for statistical purpose. Credit of TDS - Held that:- We find that the Ld. CIT(A) has directed the AO to allow credit of TDS after due verification as per law. We, therefore, do not find any reason to interfere with the findings of the Ld. CIT(A).
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