Section 14A disallowance needs to be re-worked based on investments which yielded tax free income

Zuari Investments Ltd. Vs ITO (ITAT Delhi) As far as the alternate submissions of the Learned AR in working the disallowance u/s 14A only after considering the investment which have yielded tax free income is concerned, we find force in the submission of Learned AR. We find that Hon’ble Delhi High Court in the case of CIT vs. Holcim India Pvt. Ltd. reported in (2014) 90 CCH 81 (Delhi) (HC), Hon’ble Gujarat High Court in the case of CIT vs. Corrtech Engineering Pvt. Ltd. 372 ITR 97 (Gujarat) and Hon’ble Allahabad High Court in CIT v. Shivam Motors (P.) Ltd. [2015] 230 Taxman 63 (Allahabad...