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Section 14A disallowance – Revenue cannot dictate assessee that how the assessee should use its own fund
Case Law Details
- Case Name
- CIT Vs. Gujarat Power Corporation Ltd. (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Gujarat High Court
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CIT Vs. Gujarat Power Corporation Ltd. (Gujarat High Court)
Assessee is fully justified in arranging its affairs in such a manner where his tax liability is reduced provided the assessee does not resort to any illegal means or enter into a sham transaction for the said purpose. It is the prerogative of the assessee to use its own fund in the manner in which it considers proper. The Revenue cannot dictate the assessee that how the assessee should use its own fund. Thus in our considered opinion the A.O.’s approach in the instant case was not justified. The nexus between the interest bear...
