Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2022 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (8) TMI 1344 - HC - Income TaxDisallowance u/s 14A r.w.r. 8D - ITAT held that it was incumbent upon the AO to demonstrate that interest - bearing funds had been utilized for making the investments - HELD THAT:- Both the appellate authorities below have given concurrent findings of fact that at the end of the Financial Year 2010-11, the Society's total borrowings was at Rs.11,352 crore, whereas the fund required for making capital and fixed assets stood at Rs.19,791 crore. The bank had imposed stringent end use condition and limits while sanctioning the loans which were only for specific purposes. There was specific prohibition for the use of the funds for investment in shares of other companies and capital markets. So the borrowed funds could not have been utilised for the investment purposes. It has been noted by both the appellate authorities that there was huge availability of assessee’s own surplus funds, the details of which were furnished by the assesse. ITAT in the present case has relied on the decision of its coordinate Bench in assessee’s own case for the Assessment Year 2009- 10 against which no appeal has been filed - no substantial question of law arises.
|