2019 (3) TMI 1863

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..... c investments, is not a correct view in the light of the decision of the Supreme Court in Maxopp Investment Ltd. Vs. Commissioner of Income Tax [ 2018 (3) TMI 805 - SUPREME COURT ] . Accordingly, the observations of the ITAT on this aspect are set aside. Observations with respect to the calculation of disallowance under Section 14A being confined to investments that derived tax exempt income .....

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..... s appeal is with respect to the correctness of the remand made by the ITAT in its impugned order; the remand was on two aspects i.e. the calculation of average investments (confined to the income generating part thereof) and the exclusion of tax exempt income derived from strategic investments. The observation of the ITAT on the latter aspect, i.e. exclusion of tax exempt income derived from a .....

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