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2017 (7) TMI 1291 - HC - Income TaxDisallowance u/s. 14A r.w. Rule 8D - disallowance on account of proportionate interest expenses u/s.36(1)(iii) on the interest free funds advance to it subsidiary companies - CIT (Appeals) as well as the Tribunal held on facts that the disallowances were not justified - as held that the assessee has sufficient interest free funds and there was nothing on record to suggest that interest bearing funds were diverted for investment - HELD THAT:- We notice that both these questions were considered by the Division Bench of this Court in GMM PFAULDER LTD. [2014 (10) TMI 1002 - GUJARAT HIGH COURT] concerning the same assessee for earlier assessment year. These questions were rejected as being only factual in nature. This Tax Appeal is also therefore dismissed.
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