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2016 (8) TMI 1089 - BOMBAY HIGH COURT

2016 (8) TMI 1089 - BOMBAY HIGH COURT - TMI - Addition made on account of interest paid on Bank OD and unsecured loan - ITAT deleted the addition - Held that:- We find that the impugned order records the fact that the interest free advances made by the respondent assessee to its sister concern was to the extent of ₹ 28.67 crores at a time when it had its own interest free funds available to the extent of ₹ 41.84 crores. Therefore, in view of the decision of this Court in Commissioner .....

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e to the presumption as laid down in Reliance Utility Power Ltd. (supra). - No substantial question of law - Decided against revenue - Disallowance u/s 14A - ITAT restricting the disallowance only to the extent of 5% of dividend income arbitrarily - Held that:- Disallowance made by the CIT(A) at 5%, the exempt dividend income is reasonable. - Decided against revenue - Income Tax Appeal No. 151 of 2014 - Dated:- 16-8-2016 - M. S. Sanklecha And A. K. Menon, JJ. Mr. Ashok Kotangle a/w Ms. Padma .....

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the Tribunal was justified in deleting the addition made on account of interest of ₹ 46,84,997/paid on Bank OD and unsecured loan, even though before the appellate proceedings, the assessee failed to discharge its liability that the loans has not been used for the purpose of business only? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in restricting the disallowance u/s 14A only to the extent of 5% of dividend income arbitrarily witho .....

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