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2013 (7) TMI 686 - ITAT MUMBAIDisallowance under section 14A - Disallowance of indirect interest expenditure – Held that:- Disallowance of Indirect Tax expenditure cannot be disallowed in the assessee's case, firstly, the assessee has not claimed any interest in the Profit & Loss account and, secondly, the same has been debited to the assessee's own capital account – Disallowance of interest on the dividend income in the hands of minor – Held that:- No expenditure can be disallowed because apparently no expenditure has been debited to the minor's account. Disallowance of Rs. 4,48,753, being attributable to ½% of the average investment - Assessee has failed to prove that no interest bearing funds was used for acquisition of shares – Held that:- Assessee has interest free funds also and most of the investments have been made out of such funds - Thus, set aside the impugned order passed by the learned Commissioner (Appeals) and restore the issue of disallowance under rule 8D to the extent of ½% of the average investment to the file of the Assessing Officer to examine whether or not the assessee had made acquisition in the investment out of interest free funds.
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