Where assessee’s borrowings of interest bearing funds got increased during the year, it could not be presumed that such borrowed funds were utilized for the purpose of investing in assets yielding exempt income and disallowance under section 14A made on the basis of such unfounded presumption were ordered to be deleted.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
This appeal is against the order of the Income Tax Appellate Tribunal in respect of the assessment year 2004-05.
Mr. Sethi, learned counsel appearing on behalf of the appellant states that the result in this appeal will follow the result in Income Tax Appeal No. 186 of 2013 Commissioner of Income Tax, Jalandhar-I, Ja!andhar v. M/s Max India Limited., which we disposed of by a separate order and judgment of even date.
For the reasons stated therein, this appeal stands dismissed.