Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (3) TMI 1863 - HC - Income TaxRemand order - Calculation of average investments (confined to the income generating part thereof) - exclusion of tax exempt income derived from strategic investments - HELD THAT:- The observation of the ITAT on the latter aspect, i.e. exclusion of tax exempt income derived from a strategic investments, is not a correct view in the light of the decision of the Supreme Court in Maxopp Investment Ltd. Vs. Commissioner of Income Tax [2018 (3) TMI 805 - SUPREME COURT] . Accordingly, the observations of the ITAT on this aspect are set aside. Observations with respect to the calculation of disallowance under Section 14A being confined to investments that derived tax exempt income are valid in the light of the Division Bench ruling in ACB India Ltd. v. ACIT [2015 (4) TMI 224 - DELHI HIGH COURT]. ITAT’s order, to the extent that it makes observations with respect to exclusion of income derived from strategic investments, is hereby set aside. Appeal partly allowed.
|