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2013 (10) TMI 835 - AT - Income TaxDisallowance u/s 14A of the Income Tax Act – Held that:- The dividend in case of Nibbana Ltd. is taxable being a foreign company, whereas investments in Pragati Sahakari Bank Ltd. and Alkapuri Arcade Premises Onus Co-op. Society Ltd. were made for business purposes as the assessee purchased the majority shares of the company to control the management, in case of Alkapuri Arcade Premises Onus Co-op. Society Ltd. the investment is only Rs. 1500/- of 30 shares and in case of Pragati Sahakari Bank Ltd. Rs.50,000/-. The investment in shares of Nibbana Ltd. is Rs.3.02 crore which were purchased by the assessee company in the year 1997-98 from ICD loan, which was re-paid in A.Y. 03-04 from own funds, which has been accepted by the Department in preceding years – Expenses allowed – Section 14A, not applicable – Decided against the Revenue.
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