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2014 (2) TMI 431 - AT - Income TaxDisallowance of interest u/s 14A of the Act – Held that:- The details of the investment made by the Assessee are also reproduced by CIT in his order - no amount of interest has been disallowed in earlier years and further no borrowed funds were used for the purpose of investments as the Assessee was having sufficient interest free funds – Relying upon CIT vs. Reliance Utilities Power Ltd. [2009 (1) TMI 4 - HIGH COURT BOMBAY] - if interest free funds available to an Assessee are sufficient to meets its investment and at the same time the Assessee has raised the loan, it can be presumed that the investments were from interest free funds available with the Assessee - nothing has been brought on record by Revenue to demonstrate that interest bearing funds have been used by Assessee to make investments - no disallowance in is called for and the deletion of disallowance made by AO directed – Decided in favour of Assessee. Deduction u/s 80IB of the Act - Freight receipt income – Held that:- Assessee neither submitted the details before A.O. or CIT(A) - assessee has not given any reason for non submission of the details before the lower authorities –thus, one more opportunity be given to the Assessee to present before A.O. the required details in support of its claim deduction under section 80IB – Matter remitted back to the AO for adjudication.
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