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2017 (9) TMI 249 - HC - Income TaxAppeals stand admitted on the following substantial questions of law: “(i) Whether it is incumbent on the Respondent No.1 to establish a nexus between the exempt income and the expenditure sought to be disallowed under Section 14A of the Act before any such disallowance could be made? (ii) Whether in the present case determination by the Tribunal of the disallowance under section 14A of the Act of ₹ 2,27,76,000/as administrative expenditure for earning of exempt interest/dividend income is unreasonable and excessive? (iii) Whether the Tribunal erred in denying the Appellant's claim for depreciation of ₹ 42,04,759/being the depreciation on plant and machinery at Jamnagar Refinery as relatable to the goods purchased from Durga, Surajbhan and Singhal Bros.?”
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