https://www.taxtmi.com/caselaws?id=374370 The Court dismissed the tax appeal challenging the order under Section 260A of the Income Tax Act related to Assessment Year 2008-09. The Tribunal's decision to delete the disallowance of proportionate interest paid on borrowed funds was upheld. It was found that investments generating exempt income were made from the company's own funds, not borrowed funds. Both the Commissioner of Income Tax (Appeals) and the Tribunal agreed on this point, referencing a previous judgment. Consequently, the Court found no legal issue of substance and dismissed the appeal without costs. en-us Tue, 22 Jan 2019 00:00:00 +0530 Wed, 30 Jan 2019 20:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374370 The Court dismissed the tax appeal challenging the order under Section 260A of the Income Tax Act related to Assessment Year 2008-09. The Tribunal's decision to delete the disallowance of proportionate interest paid on borrowed funds was upheld. It was found that investments generating exempt income were made from the company's own funds, not borrowed funds. Both the Commissioner of Income Tax (Appeals) and the Tribunal agreed on this point, referencing a previous judgment. Consequently, the Court found no legal issue of substance and dismissed the appeal without costs. Case-Laws Income Tax Tue, 22 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374370