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2021 (12) TMI 750 - AT - Income TaxDisallowance u/s 14A r.w.r.8D - HELD THAT:- We find that the assessee own funds are far more that the investments in tax free securities. We note that assessee own funds were ₹ 512.65 Cr whereas the investments in tax free securities were 17.27 Cr. The ld CIT(A) has passed the order after following the decisions of jurisdictional High Court in the case of Reliance Utilities Ltd [2009 (1) TMI 4 - BOMBAY HIGH COURT]and HDFC Bank Ltd. [2014 (8) TMI 119 - BOMBAY HIGH COURT].Therefore, we do not find any infirmity in the order of ld CIT(A) and accordingly the ground is dismissed by upholding the order of ld CIT(A) on this issue. Deduction of u/s 80-IA in respect of profits and gains derived from undertaking engaged in generation of power in the form of steam - HELD THAT:- We are inclined to restore the same to the file of the AO to decide the same after affording a reasonable opportunity to the assessee.
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