No s. 14A disallowance if loan utilized for capital contribution in Partnership Firm

IN THE ITAT MUMBAI Assistant Commissioner of Income-tax 12(3) V/s. Novel Enterprises IT APPEAL NO. 1328 (MUM.) OF 2009 [ASSESSMENT YEAR 2005-06] JUNE 13, 2012 ORDER Vivek Varma, Judicial Member The appeal filed by the department emanates from the order of the CIT(A)-XII, Mumbai, dated 16.12.2008. 2. The grounds raised by the department are as under :-  1.  “On the facts and circumstances of the case and in law, the ld. CIT(A) erred in directing the A.O. to delete the addition of Rs. 33,08,179/- u/s 14A made on account of notional interest of paid to Reliance Capital Lt...