Share application money should be excluded while computing disallowance u/s 14A of Income Tax Act

GMR Infrastructure Ltd Vs DCIT (ITAT Bangalore) ITAT Bangalore held that Share Application Money should not be included in the value of investments. Accordingly, for the purpose of computing disallowance under section 14A of the Income Tax Act, the Share Application Money should be excluded. Facts- The assessee contended that the own funds available with it as on 31-3-2008 was Rs. 5,604.57 crores, while the investment made was Rs. 4,753.34 crores. Accordingly it was contended that the interest disallowance was not called for. However, AO noticed that the loans and advances given by the assesse...