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2017 (8) TMI 661 - BOMBAY HIGH COURTAddition u/s 14A - ITAT deleted the disallowance by linking investment to the source of funds for the purpose of excluding interest expenditure from the consideration under Section 14A - Held that:- The Tribunal has found that the interest free funds are more than investments. It was observed that the Assessee had sufficient interest free funds to cover the investment. The balance sheet shows that the Assessee has interest free funds amounting to ₹ 14,88,38,332/and the investment of ₹ 9,71,56,751/, which shows that the Assessee was having sufficient interest free funds to make the investment. Considering the factual matrix of the present case, the judgment of this Court in Commissioner of Income Tax vs. Reliance Utilities and Power Ltd. (2009 (1) TMI 4 - BOMBAY HIGH COURT ) would squarely apply. The Tribunal has not committed any error in applying the said judgment. - Decided against revenue
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