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2017 (12) TMI 60 - HC - Income TaxDisallwoance u/s 14A - Held that:- Assessee's own funds and other non-interest bearing funds were more than the investment in the tax-free securities. This factual position is not one that is disputed. In the present case, undisputedly the Assessee's capital, profit reserves, surplus and current account deposits were higher than the investment in the tax-free securities. In view of this factual position, as per the judgment of this Court in the case of Reliance Utilities and Power Ltd. (2009 (1) TMI 4 - BOMBAY HIGH COURT), it would have to be presumed that the investment made by the Assessee would be out of the interest-free funds available with the Assessee - Decided in favour of assessee.
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