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2016 (1) TMI 415 - AT - Income TaxDisallowance u/s 14A - contention of the assessee is that the investments were made for acquiring control of other companies which are in the similar business of the assessee and all those companies subsequent to acquisition of the shares has become the sister concerns of the assessee. Moreover, the investments made were out of non-interest bearing funds of the assessee company - Held that:- In the interest of justice, we hereby remit back the matter to the file of Ld. Assessing Officer, in order to verify whether the investments made by the assessee company were in its sister concerns, or after such investments those companies have become the sister concerns of the assessee company by virtue of such investments, and further such investments were made from the non-interest bearing fund of the assessee company, and if found so, grant relief to the assessee in the light of the decision of the Chennai Bench of the Tribunal in the case of M/s Agile Electric Sub Assembly Pvt. Ltd.[2016 (1) TMI 322 - ITAT CHENNAI] - Decided in favour of assessee for statistical purposes
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