Case Law Details
CIT Vs K. Raheja Corporation Pvt. Ltd. (Bombay High Court)- Counsel for the Revenue could not point as to how interest on borrowed funds to the extent of Rs. 2.79 crores was attributable to earning dividend income which are exempt under Section 10(33) of the Act (as it then stood). Therefore, in the facts of the present case, in the absence of any material or basis to hold that the interest expenditure directly or indirectly was attributable for earning the dividend income, the decision of the Income Tax Appellate Tribunal in deleting the allowance of interest made under Section 14A of the Act cannot be faulted.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL NO. 1260 of 2009
The Commissioner of Income Tax Vs K. Raheja Corporation P. Limited
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