Case Law Details
Case Name : Godrej Industries Ltd Vs. DCIT (ITAT Mumbai)
Appeal Number : ITA No. 1090/Mum/09
Date of Judgement/Order : 08/10/2010
Related Assessment Year : 2005- 06
Courts :
All ITAT ITAT Mumbai
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The AO’s argument that the assessee could have utilized its surplus funds for repaying the borrowings instead of investing in shares and by not doing so, there was diversion of borrowed funds towards investment in shares to earn dividend income is not acceptable in view of CIT vs. Hero Cycles Ltd 323 ITR 518 (P&
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