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Commissioner of Income Tax Central-III Versus Jubiliant Enterprises Pvt. Ltd.

Disallowance u/s 14A r.w.r. 8D on the basis of the netting of interest - Held that:- Oone has to proceed on the basis that the decision of the Mumbai Bench of the Tribunal in Paresh K. Shah (supra) has been accepted by the Revenue. In any case, no distinguishing features in facts or law has been pointed to us from those in the case of Paresh K. Shah (2013 (6)755 - ITAT MUMBAI) which would justify the disallowance on the gross interest paid and not on net interest. - Interest free deposit rec .....

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or the Appellant. None for the Respondent. P.C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 12th March, 2014 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2008-09. 2. This appeal raises the following questions of law for our consideration : (i) Whether on the facts and in the circumstances of the case and in law, the Trib .....

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him, on the interest free deposit received by the assessee, to determine the ALV of the rented property ignoring the well settled judicial principle that what is important is the real nature of transactions in the relied on case supra and not the facts? 3. Regarding question (i):(a) The impugned order of the Tribunal dismissed the Revenue's appeal holding that the disallowance of interest under Section 14A of the Act should be made with reference to net interest loan. This was by .....

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