Case Law Details
Case Name : Mahesh K. Mehta Vs DCIT (Bombay High Court)
Related Assessment Year : 1998-1999
Courts :
All High Courts Bombay High Court
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Mahesh K. Mehta Vs DCIT (Bombay High Court)
Bombay High Court held that as per section 14A of the Income Tax Act any expenditure incurred in relation to any income which is not included in total income would not be allowed as expenditure. Thus, interest on borrowed funds used to earn dividend which is exempt from tax cannot be allowed as expenditure.
Facts- Appellant borrowed capital and invested primarily in shares of two companies, viz., MKM Shares and Stock Brokers Ltd.
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