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2012 (8) TMI 510 - AT - Income TaxReduction of tax-free interest income from loss on sale of securities - Held that:- As decided in C.I.T., Mumbai Versus M/s. Walfort Share & Stock Brokers P. Ltd. [2010 (7) TMI 15 - SUPREME COURT] that in cases arising before 1st April, 2002 (A.Y. 2002-03) losses pertaining to exempt income could not be disallowed - in favour of assessee. Allocation of common expenses for the purposes of computing deduction u/s 80I - Held that:- Tribunal referring to the directions given for the assessment year 1993-94 wherein common expenses were directed to be apportioned in the ratio of material consumed by the new 80I undertaking to the total material consumed by the assessee-corporate entity as a whole, instead of on the basis of sales of the respective unit and for this purpose, the issue was restored back to the Commissioner of Income-tax (Appeals) for adjudication afresh who after examining the issue allowed the deduction u/s 80-I relying on working of deduction as directed by Tribunal - find no error in the order of CIT(A)- in favour of assessee.
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