2011 (7) TMI 1325

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....ER V. DURGA RAO, J.M.: This appeal filed by the assessee is directed against the order of CIT(A)-II, Mumbai, passed on 24/11/2008 for the assessment year 2003-04. 2. Ground Nos. 1 & 2 regarding disallowance of miscellaneous expenses to the tune of Rs. 69,733/- and staff welfare expenses of Rs. 13,209/- have not been pressed by the learned counsel for the assessee at the time of hearing befor....

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....,89,55,754/- as finance charges representing the interest payments made by the assessee on borrowed funds. The funds had been borrowed and utilized in acquiring the share of Anand Group of Companies. Since no business activity as such had been carried out by the assessee, the AO asked the assessee to show cause as to why the finance charges should not be considered s expenses not relatable to the ....

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.... AY 2001-02 in assessee's own case. It is important to mention that the dividend income earned by the assessee in the year under consideration is Rs. 3,37,25,873/-, is taxable in the year in which the amount was promptly included by the assessee in its total income. As far as the dividend income of previous year relevant to AY 2002-03 amounting to Rs. 4,60 crores, was exempt u/s 10(34) of the Act.....