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2019 (1) TMI 1535 - HC - Income TaxDisallowance on account of proportionate interest u/s 14A r.w.r. 8d(2)(ii) - sufficiency of own funds - Tribunal deleted the addition - Held that:- Investment made in shares which gave rise to exempt income was made out of its own funds and not out of borrowed funds i.e. interest bearing funds. In such a case this Court in CIT Vs. HDFC bank Vol. [2014 (8) TMI 119 - BOMBAY HIGH COURT] has in identical circumstances held that the principle laid down in Reliance Utilities and Power Ltd.[2009 (1) TMI 4 - BOMBAY HIGH COURT] would equally apply while computing the disallowance under Section 14A of the Act. - Decided against revenue
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