S. 14A not applies to Share Application money as it is not an investment

IN THE ITAT MUMBAI BENCH ‘D’ Rainy Investments (P.) Ltd. Versus Assistant Commissioner of Income-tax IT APPEAL NO. 5491 (MUM.) OF 2011 [ASSESSMENT YEAR 2008-09] JANUARY 16, 2013 ORDER Sanjay Arora, Accountant Member This is an Appeal by the Assessee directed against the Order by the Commissioner of Income Tax (Appeals)-20, Mumbai (‘CIT(A)’ for short) dated 21.06.2011, partly allowing the assessee’s appeal contesting its assessment for the assessment year (A.Y.) 2008-09 u/s.143(3) of the Income Tax Act, 1961 (‘the Act’ hereinafter) vid...