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2018 (3) TMI 591

ised herein stands concluded against the Revenue and in favour of the respondent, assessee by the decision of this Court in Commissioner of Income Tax V/s. HDFC Bank Ltd. [2014 (8) TMI 119 - BOMBAY HIGH COURT]. - Addition of dis-allowance u/s. 14A made to Book Profit - Held that:- Tribunal has held that for the purpose of computing book profits, AO would include the amount of dis-allowance. H .....

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Appellate Tribunal was justified in law in deleting the dis-allowance of ₹ 12,61,00,030/- by holding that the assessee has own interest free funds available more than the investment made in tax free securities, without appreciating the fact that as per Section 14A of the I.T. Act, the relation has to be seen between the exempt income and the expenditure incurred in relation to it and not vic .....

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d not maintain any separate account of its investment and relied on ad-hoc estimation and the Hon'ble Bombay High Court in the case of Godrej and Boyce Mfg. Co. Ltd., has held that some reasonable basis for allocating the expenditure has to be worked out and not on adhoc estimation basis ? (iv) Whether on the facts and circumstances of the case and in law, the Hon'ble Income Tax Appellate .....

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mpugned order of the Tribunal has placed reliance upon the decision of this Court in HDFC Bank Ltd (supra) to allow the respondent-assessee's Appeal. In the above view, questions no.1 and 2 do not give rise to any substantial question of law. Thus, the same cannot be entertained. REGARDING QUESTION NO.3 : 4. The impugned order of the Tribunal has restored the issue to the Assessing Officer to .....

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