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No disallowance u/s 14A of interest expenditure if AO fails to show nexus between borrowed funds and tax-free investment
Case Law Details
- Case Name
- The Commissioner of Income Tax Vs K. Raheja Corporation P. Limited (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
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CIT Vs K. Raheja Corporation Pvt. Ltd. (Bombay High Court)- Counsel for the Revenue could not point as to how interest on borrowed funds to the extent of Rs. 2.79 crores was attributable to earning dividend income which are exempt under Section 10(33) of the Act (as it then stood). Therefore, in the facts of the present case, in the absence of any material or basis to hold that the interest expenditure directly or indirectly was attributable for earning the dividend income, the decision of the Income Tax Appellate Tribunal in deleting the allowance of interest made under Sect...
