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No Interest Disallowance When Own Funds Exceed Investments: ITAT Grants Major U/s 14A Relief
Case Law Details
- Case Name
- Triton Trading Company Private Limited Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Mumbai
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Triton Trading Company Private Limited Vs DCIT (ITAT Mumbai)
No Interest Disallowance When Own Funds Exceed Investments: ITAT Grants Major 14A Relief
The Mumbai ITAT held that no disallowance of interest expenditure under Rule 8D(2)(ii) can be made where the assessee possesses substantial interest-free own funds far exceeding its investments, and there is no evidence showing any nexus between borrowed funds and tax-free investments. Accordingly, the Tribunal directed deletion of the interest disallowance of ₹10.45 lakh made under Section 14A.
The assessee, Triton Trading Company Pvt. Ltd., h...
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