TMI Blog2013 (11) TMI 1656X X X X Extracts X X X X X X X X Extracts X X X X ..... (12) TMI 82 - SUPREME COURT ) is applicable to the assessee, the provisions of section 14A are not applicable. - ITA No. 1690/Mds/2013 - - - Dated:- 27-11-2013 - SHRI A.MOHAN ALANKAMONY, ACCOUNTANT MEMBER AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER For the Appellant : Mr. S.Das Gupta, JCIT For the Respondent : Mr. R.Sivaraman, Advocate O R D E R Per Challa Nagendra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made by the Assessing Officer following the decision of co-ordinate Bench of this Tribunal in the case of ITO Vs. MSA Security Services and NMS Consultancy P.Ltd. (22 ITR (Trib) 400). The submission of the assessee was that it had made only share application money in group concerns and in such type of investments, the provisions of section 14A have no application. 3. The Departmental Represent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing utilized by the investee concerns for their trade purposes. Since the investments in shares of the group concerns is within the course of trading activities and out of commercial expediency, the ratio in the case of S.A.Builders 288 ITR 1 (SC) is squarely applicable and thus, the provisions of section 14A are not applicable. 4. The balance amount of ₹ 76.58 crores is invested in siste ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... borrowed from group concerns only and these monies are utilized by the investee concerns for their trade purposes. Since the investments in shares of group concerns amounting to `4,38,00,000/- are within the course of trading activities and out of commercial expediency and the decision of the Hon ble Supreme Court in the case of S.A.Builders (288 ITR 1) is applicable to the assessee, the provision ..... X X X X Extracts X X X X X X X X Extracts X X X X
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