Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 531 - HC - Income TaxDisallowance under section 14A - computing book profit of a company under section 115JB - Held that:- If there are interest free funds available to an assessee sufficient to meet its investments and at the same time the assessee has raised a loan it can be presumed that the investments were from interest free funds available, and, accordingly, no disallowance under section 14A in respect of interest payment can be made in such a situation. S A Builders Limited Vs. Commissioner of Income Tax (Appeals) [2006 (12) TMI 82 - SUPREME COURT] MAT - No disallowance under section 14A of the Act can be projected while computing a company's booked profit under section 115JB of the Act.
|