Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (5) TMI 1484 - HC - Income TaxAppeal is Admitted to consider the following substantial question of law. "1.Whether on the facts and circumstances of th case, the Appellate Tribunal was justified in deleting the disallowance of deduction u/s 40(a)(ia) ? Addition u/s 14A - Held that:- It does not seem to be in dispute that as assessee was already having a surplus reserved tax free fund out of which investment was made. Therefore, AO was not justified in making the disallowance of deduction under Section 14 A. Revenue is not disputing that the assessee was having surplus reserved interest free fund, out of which investment was made. Under the circumstances, the learned Tribunal has not committed any error in deleting disallowance of deduction under Section 14 A.
|