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Commissioner of Income Tax-10 Versus IOT Infrastructure & Energy Services Ltd.

2016 (4) TMI 1084 - BOMBAY HIGH COURT

Appeal admitted on the substantial question of law at question no.(ii) hereinabove.

Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in upholding the orders of the CIT(A) in regard to the liability on account of warranties? - Income Tax Appeal No. 52 of 2014 - Dated:- 18-4-2016 - M. S. Sanklecha And A. K. Menon, JJ. For the Petitioner : Mr. Suresh Kumar For the Respondent : Ms. Vasanti Patel ORDER P. C. 1. This Appeal under Section 260A .....

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rove that noninterest bearing funds were used to make investments? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in upholding the orders of the CIT(A) in regard to the liability on account of warranties? (iii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that the provisions of warranty is an ascertained liability within the provision of Section 115JB of the Income Tax Act? (iv) Whet .....

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he respondent-assessee disallowed an amount of ₹ 11 lakhs on its own as having been incurred in relation to earning of exempt income under Section 14A of the Act. The Assessing Officer by his order dated 24th August, 2011 passed under Section 143(3) of the Act held that the respondent had borrowed funds and as the investments in shares and mutual funds were made from common and mixed funds i.e. own funds and borrowed funds. Rule 8D was invoked and a disallowance at ₹ 2.64 crores was .....

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50.88 crores made in shares and mutual funds by the respondent-assessee. In the above view, the impugned order placed reliance upon the decision of this Court in CIT Vs. Reliance Utilities and Power Ltd. 313 ITR 340 wherein it has been held that where there is a common pool of funds i.e. own funds and borrowed funds then presumption would arise that the investment has been made out of its own funds if they are sufficient to cover the investment made in tax free returns. We find that the impugne .....

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