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2016 (5) TMI 863 - AT - Income TaxDisallowance u/s. 14A - Held that:- It is admitted fact that the assessee has diverted interest bearing funds to the subsidiaries and the Bench asked a specific question with the ld.A.R to show whether there is any case wherein decided the similar issue in favour of assessee, when the assessee has diverted interest bearing funds to the subsidiaries while invoking the provisions of the section 14A of the Act read with Rule 8D of the Income Tax Rules, 1962. For which the ld.A.R expresses his inability. Hence, in our opinion when the assessee diverted the interest bearing funds to subsidiaries, and there is no commercial expediency, provisions of the section 14A r.w.Rule 8D is applicable - Decided against assessee
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