TMI Blog2017 (11) TMI 642X X X X Extracts X X X X X X X X Extracts X X X X ..... iew from Tribunal. Revenue tried strenuously to contend that the Tribunal's findings are perverse. Our attention was drawn to the order of the Assessing Officer and that of the Commissioner (Appeals). Neither of these orders, however, dislodge the Tribunal's finding of fact that at the command of the assessee interest free funds in excess of investment in tax exempt income were available. That ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law and on facts in holding that only net interest expenditure should be considered for the disallownace u/s. 14A of the Act? 2. In short, the question is, did the Tribunal commit an error in deleting the disallowance made by the Assessing Officer and confirmed by the CIT (Appeals) under section 14A of the Income Tax Act, 1961 ['the Act' for short]? The Tribunal, in the impugned jud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, dislodge the Tribunal's finding of fact that at the command of the assessee interest free funds in excess of investment in tax exempt income were available. That being the position no question of law arises. 4. We may notice that in one of the Tax Appeals, a consequential question of effect of this conclusion in computing minimum alternative tax arises. Nevertheless, when the main issue ..... X X X X Extracts X X X X X X X X Extracts X X X X
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