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TMI Blog2014 (11) TMI 553X X X X Extracts X X X X X X X X Extracts X X X X ..... HAVERI) 1. Being aggrieved and dissatisfied with the impugned judgement and order dated 28.02.2000 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench (ITAT) in Income Tax Appeal No. 5748/Ahd/1991 for the assessment year 1985- 86, the revenue has preferred the present tax appeal raising the following substantial question of law: &nb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue was restored back to the AO for reconsideration. While passing a fresh order, the AO rejected the claim of the assessee. 2.1 Being aggrieved by the order of the Assessing Officer, the assessee filed appeal before the CIT(A) and after considering submissions of both the sides, CIT(A) directed the AO to deduct the amount of interest attributable to the investments which came to Rs. 6,73,863/- fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that no interest is attributable to the funds used for investment on which interest is earned. 4. Learned advocate appearing for the respondent supported the impugned order and submitted that the Tribunal has rightly held in favour of the respondent. He submitted that the present appeal lacks merits and therefore deserves to be dismissed. 5. We have heard learned advocates for both the sides an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the the CIT(A) was justified in holding that the interest attributable to acquisition of shares of domestic companies has to be deducted from the gross total income which includes dividend from the domestic companies before computation of deduction u/s 80M of the Act. We therefore answer the issue in the affirmative and against the revenue and in favour of the assessee. 7. In the premises ..... X X X X Extracts X X X X X X X X Extracts X X X X
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