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2017 (6) TMI 601 - HC - Income TaxDisallowance of expenditure in respect of interest and administrative expenses under Section 14A - Held that:- The assessee was already having its own surplus fund and that too to the extent of ₹ 1981.55 Crores against which investment was made of ₹ 144.51 Crores, there was no question of making any disallowance of expenditure in respect of interest and administrative expenses under Section 14A of the Act, therefore, there was no question of any estimation of expenditure in respect of interest and administrative expenses under rule 8D of the Rules. - Decided in favour of assessee. Disallowance of expenditure incurred towards consultancy charges - Held that:- When the assessee incurred expenses towards consultancy charges in order to make investment, the Assessing Officer was not justified in treating and considering the expenses incurred towards consultancy charges as capital expenditure, disallowable under Section 37 of the Act. Under the circumstances, the learned Tribunal has rightly deleted the disallowance incurred by the assessee towards consultancy charges. We are in complete agreement with the view taken by the learned Tribunal.- Decided in favour of assessee.
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