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2011 (8) TMI 148 - HC - Income TaxDisallowance u/s 14A - Exemption u/s 10(33) - Tribunal held that investments in equity shares and mutual funds were made by the assessee during the assessment years 1994-95 till 1998-99 and it has been consistently held by the Income Tax Appellate Tribunal that these investments have been made out of the assessee's own funds and not out of the borrowed funds - Save and except contending that Section 14A was not on the statute book when the Income Tax Appellate Tribunal passed orders in the assessment years prior to the assessment year in question, Counsel for the Revenue could not point as to how interest on borrowed funds to the extent of Rs.2.79 crores was attributable to earning dividend income which are exempt under Section 10(33) of the Act - Decided in favor of the assessee
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