Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2020 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (10) TMI 1211 - HC - Income TaxDisallowance u/s 14A read with Rule 8D - whether there is no exempt income received even if the investments have been made in the subsidiary company of the Assessee? - HELD THAT:- Tribunal found that the investments were made in by their assessee and this cannot be construed that investment is made for earning exempt income. Tribunal rightly held that the provisions of Section 14A of the Act would not stand attracted. Therefore, the order passed by the Tribunal requires to be confirmed.- Decided in favour of assessee. Section 43A Applicability - Assessee is acquiring the assets in India and in consequence of loan taken in Indian currency for acquisition of such asset which was converted into foreign currency loan increasing the liability as expressed in Indian Currency - HELD THAT:- Tribunal decided the said position against the Revenue in the assessee's own case [2020 (10) TMI 1164 - MADRAS HIGH COURT] - Decided in favour of assessee.
|