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2020 (3) TMI 1023 - HC - Income TaxDisallowance u/s 14A r.w.r. 8D - assessee was having sufficient own interest free funds available, which exceeded tax free investments - HELD THAT:- CIT (A) as well as the Tribunal to the effect that no disallowance towards the proportionate interest expenditure can be made under Rule 8D(2)(ii) as there was sufficient fund available with the assessee as its own fund, i.e, ₹ 30.35 Crore in excess of corresponding investment of ₹ 12.54 Crore giving rise to the exempt income, no addition can be made by applying Rule 8D(2)(ii) of the Income Tax Rules, 1962. To reach at the aforesaid finding, the Tribunal has relied upon the decision of this Court in the case of Pr. CIT vs. Sintex Industries Ltd., (2017 (5) TMI 1160 - GUJARAT HIGH COURT) and the decision of the Bombay High Court in the case of CIT vs. HDFC Bank Ltd.[2014 (8) TMI 119 - BOMBAY HIGH COURT] In view of the concurrent finding of fact arrived at by the CIT (A) as well as the Tribunal, the question of law, as proposed by the Revenue, cannot be termed as the substantial question of law arising out of the impugned order of the Tribunal.
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