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2016 (3) TMI 320 - AT - Income TaxDenial of the claims for relief under S.80IB(10) - built up area of each residential unit exceeded 1,500 sq. ft. - Held that:- Built-up area includes portico and balcony also and in this case it exceeds 1500 sq. ft. per residential unit. Accordingly the assessee is dis entitled for the benefit u/s. 80IB of the Act - Decided against assessee Disallowance in terms of S.14A - claim of the assessees that there is no income earned by the assessee which did not form part of the total income returned and no investment has been made from out of the borrowed funds that borrowals have been made by the assessee for specific purposes, such as working capital requirements, CIT(A) deleted the disallowance - Held that:- CIT(A) taken note of the borrowals made by the assessee and founds pecific projects etc., and utilised for those specific purposes. In the absence of any material brought on record, to controvert the findings of the CIT(A) on factual aspects, as rightly held by the CIT(A) interest relatable to such loans cannot be attributed to the investments yielding interest-free income. The observation of the CIT(A) that unless nexus between the borrowals made by an assessee and the investments yielding exempt income made by the assessee is established, no disallowance under S.14A read with Rule 8D can be made is in consonance with the settled position of law laid down inter-alia in CIT V/s. SBI DHFL Ltd. (2015 (11) TMI 399 - BOMBAY HIGH COURT ) and CIT V/s. Hero Cycles Ltd. (2009 (11) TMI 33 - PUNJAB AND HARYANA HIGH COURT) relied upon by the learned counsel for the assessees in the written submissions field before us and other case-law discussed by the CIT(A) in the impugned orders, besides consistent with the view taken by the coordinate benches of the Tribunal in similar matters. In this view of the matter, we find no infirmity in the impugned orders of the CIT(A) on this issue. - Decided against revenue
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