2014 (11) TMI 1167

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....w, the Ld CIT (A) was justified in treating the interest of Rs. 3,55,37,740/- earned on money lent by the assessee as income from „Profit and Gains of Business or Profession‟ as against „income from other sources‟ held by the Assessing Officer. 2. Whether on the facts and in the circumstances of the case and in law, Ld CIT (A) was justified in holding that the disallowance out of interest expenditure be restricted to Rs. 63,21,566/- as against the disallowance u/s 14A of the IT Act of Rs. 5,33,35,926/- made by the Assessing Officer without appreciating that the interest expenditure claimed was directly relatable to the activity of investment in shares / mutual funds and subsidiaries. 3. Whether on t....

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....2.8.2013. Therefore, for the sake of completeness of this order, the said para 7 is reproduced here which reads as under: "7. We have heard both the parties and perused the orders of the Revenue Authorities as well as the material placed before us on this issue. On perusal of the order of the CIT (A) order, we are of the opinion that the CIT (A)‟s decision, in treating the interest income of Rs. 1,25,22,877/- earned on money lending operation as Profits & Gains of Business or Profession‟, is reasonable and it does not call for any interference. In this regard, we have considered „object clause‟ authorizing the assessee to conduct the business of money lending and the entries in the books of accounts and the ....