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2015 (10) TMI 1752 - BOMBAY HIGH COURT

2015 (10) TMI 1752 - BOMBAY HIGH COURT - TMI - Disallowance u/s. 14A - Tribunal restored back the issue of disallowance to the Assessing Officer for fresh consideration - Held that:- the impugned order of the Tribunal has restored both the issue to the Assessing Officer i.e. with regard to the applicability of Section 14A 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 purpos .....

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1894 of 2013 - Dated:- 6-10-2015 - M. S. Sanklecha And G. S. Kulkarni, JJ. For the Petitioner : Mr. Tejveer Singh For the Respondent : Mr. Percy Pardiwalla, Sr. Adv. with Mr. Atul Jasani ORDER P. C. This Appeal under Section 260-A of the Income Tax Act, 1961 (the Act), challenges the order dated 31st October, 2012 passed by the Income Tax Appellate Tribunal (the Tribunal) for the Assessment Year 2001-02. 2. The Revenue urges the following question of law for our consideration: "Whether on t .....

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s for the subject A. Y. 2001-02. It was the contention of the Respondent-Assessee that no interest and/or other expenses were incurred to earn dividend income, thus Section 14A of the Act would have no application. This, in view on the decision of this Court in CIT v/s. Reliance Utilities & Power Ltd. 313 ITR 340 . The impugned order restored the issue to the Assessing Officer to consider the Respondent-Assessee's contention and in case it is held that Reliance Utilities & Power (sup .....

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e expenditure to be disallowed in terms of Section 14A of the Act. 4. The grievance of the Revenue as urged by Mr. Tejveer Singh with the impugned order is it restoring the issue of disallowance under Section 14A of the Act to the Assessing Officer for fresh consideration. It is submitted that the impugned order while restoring the issue to the Assessing Officer has foreclosed the issue of application of Section 14A of the Act. 5. The above submission is without merit as the impugned order at Pa .....

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