TMI Blog2015 (10) TMI 1752X X X X Extracts X X X X X X X X Extracts X X X X ..... A of the Act with a direction that in case the RespondentAssessee fails to satisfy the Assessing Officer of utilization of its own funds and/or interest free funds for the purpose of making investment in the light of the order in Reliance Utilities & Power Ltd. (2009 (1) TMI 4 - HIGH COURT BOMBAY), then in that event, the disallowance be determined under Section 14A of the Act. This, undoubtedly w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther on the facts and in the circumstances of the case and in law the Tribunal is right in restore back the issue of disallowance u/s. 14A at ₹ 5,97,30,707/- to the Assessing Officer for fresh consideration? . 3. The issue in dispute between the parties before the Tribunal was inter alia with regard to disallowance of interest and other expenses under Section 14A of the Act in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in Godrej Boyce Mfg. Co. Ltd. v/s. DCIT 328 ITR 81 . It was in the above circumstances that the impugned order has merely restored the entire issue to the Assessing Officer to first consider the applicability of Reliance Utilities Powers (supra) and if not applicable, then to determine the expenditure to be disallowed in terms of Section 14A of the Act. 4. The grievance of the Revenue as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er examining the availability of funds, it is found that borrowed funds have been utilized for the purpose of investment in shares, then disallowance can be made to the extent of interest payable on the borrowed funds which have been utilized for the purpose of acquiring the shares. The assessee will provide all the necessary information and details for adjudication of the issue. Thus, grounds no. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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