CIT vs. Machino Plastic Ltd (Delhi High Court)
The AO made a disallowance u/s 14A of Rs. 45 Lakhs on the ground that the assessee had not been able to segregate expenses relating to earning of dividend income and that borrowed funds had been used to fund the investments. The CIT (A) reduced the quantum of disallowance & the department accepted that. In the assessee’s appeal, the Tribunal totally deleted the disallowance. On appeal by the department, HELD:
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