Case Law Details
Case Name : M/s Chhaganlal Khimji & Co. Vs ACIT (ITAT Mumbai)
Appeal Number : ITA No. 7629/Mum/2013
Date of Judgement/Order : 23/09/2015
Related Assessment Year : 2010-2011
Courts :
All ITAT ITAT Mumbai
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Brief case of the case:
In the case of M/s Chhaganlal Khimji & Co. Vs. ACIT Mumbai Bench of ITAT have held that that no disallowance can be made u/s.14A when there is no exempt income. ITAT relied upon the judgments of various courts in coming to the conclusion. ITAT also upheld the decision of CIT (A) on other grounds related to borrowed funds.
Facts of the case:
- Assessee Company is a group concern of Marathon Group and engaged in the business of construction of commercial & residential complexes and investments.
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