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2013 (11) TMI 896 - AT - Income TaxDisallowance u/s. 14A – Held that:- Following Reliance Utilities and Power Ltd. [2009 (1) TMI 4 - HIGH COURT BOMBAY] - If there were sufficient interest free fund available with the assessee presumption is that investment would have been made out of interest free funds generated/available with the assessee,that if the interest free funds were only to meet the investment then, no disallowance could be made u/s. 14A of the Act – Following Bunge Agribusiness(India) (P) Ltd. [2011 (6) TMI 403 - ITAT MUMBAI] - If sufficient funds available both interest free and interest bearing then a presumption would arise that interest free funds had been generated for investments and no dis-allowance of interest could be made u/s. 14A – The issue was restored for fresh decision. Rebate u/s. 88E while computing MAT u/s 115JB – Held that:- Following M/s. Horizon Capital Ltd. [2011 (10) TMI 489 - KARNATAKA HIGH COURT] – If the transaction on which STT is paid is included in the total income of the assessee where the total income is assessed either under the provisions of the Act or under Section 115JB when tax chargeable on such income is arrived at - The tax paid u/s 88E is given deduction, by way of rebate, u/s 87 - Decided against the Revenue.
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