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2009 (10) TMI 56 - HC - Income TaxDisallowance u/s 14A – interest on loan from bank – interest free advances - CIT (A) arrived at a finding that on the last date of accounting year the investment was only Rs.80,000/-. Another finding of fact which was recorded was that the investment was made in the preceding year and no part of investments were correlated with the borrowed funds. The CIT found that investment made in Zurich India Top 200 funds was advances from the loan and, therefore, only to this extent the interest could be disallowed under Section 14A of the Act - ITAT confirmed the order of CIT(A) – held that - no question of law, much less substantial question of law, arises for consideration – appeal dismissed.
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