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Commissioner of Income Tax-IV Versus Den Networks Limited

2015 (6) TMI 329 - DELHI HIGH COURT

Disallowance under Section 14A read with Rule 8D - ITAT deleted disallowance influenced by the fact that the assessee had not applied any borrowed fund towards the investment that yield exemption income - Held that:- The AO's initially determined dis .....

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dealt with that misapplication but the fact remains that the tax exempt income of ₹ 25 lakhs was in effect brought to tax by disallowance of ₹ 37 lakhs. Moreover, the relevant component of the expenditure was on account of the interest p .....

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- Dated:- 22-5-2015 - Ravindra Bhat And R K Gauba,JJ. For the Appellant : Mr Kamal Sawhney, Sr. Standing Counsel For the Respondent : Mr Raghvindra Singh, Jr. Standing Counsel ORDER 1. The Revenue is aggrieved by an order of the Income Tax Appellate .....

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declared income against two heads reported as short terms capital gain of ₹ 1.18 crores and income from other sources to the tune of ₹ 31 lakhs. The total income was about ₹ 1.5 crores. The other claim of loss was in excess of that .....

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al) granted partial review and confirmed approximately 50% of the addition under Section 14A made by way of disallowance. On further appeal, the ITAT was significantly influenced by the fact that the assessee had not applied any borrowed fund towards .....

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t the assessment made by the CIT(A) after granting partial relief to the assessee was justified and has to be restored. 4. We have considered the submissions. The AO's initially determined disallowance to the extent of ₹ 75,41,105/- as agai .....

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