TaxTMI 
TaxTMI 
2011 (7) TMI 1239
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....ramod Kumar: 1. By way of this appeal, the assessee has challenged question correctness of CIT(A)'s order dated 3rd March,, 2010, in the matter of assessment under section 143(3) of the Income tax Act, 1961, for the assessment year 2004-05 on the following ground: "On the facts and in the circumstances of the case and in law, the ld CIT(A) erred in directing the Assessing Officer to delete t....
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....nvestments were made out of earnings of the assessee during the relevant previous year. It was noted by the CIT(A) that the investments made by the assessee are out of own funds i.e. realizations on account of sale of the films Lage Raho Munnabhai and Eklavya and no interest bearing funds were utilized for making the exempt investments. It was also noted that the film Lage Raho Munnabhai was huge ....
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....d the rival contentions, perused the material on record and duly considered factual matrix of the case as also the applicable legal position. 4. We have noted that the CIT(A) has categorically stated in the impugned order that no interest bearing funds of the assessee were utilized to make tax exempt investment. No material has been brought on record to controvert these findings. In any case, w....
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....s unfair or unreasonable but he nevertheless submits that some interest expenses must also be allocated to the investments made. We see no substance in this submission of learned Departmental Representative. Once there is categorical finding that interest free funds are not using in making these investments, there cannot be any rationale in making 14A disallowance in respect of interest. The 14A d....