2017 (12) TMI 1602

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.... the assessee against the order of CIT(A)-9, Mumbai dated 04/12/2015 for A.Y.2011-12 in the matter of order passed u/s.143(3) of the IT Act. 2. Following grounds have been taken by the assessee:- Disallowance u/s 14A of Income Tax Act, 1961 of Rs. 61,14,053/- The Ld. CIT (A) eared in Law and on Facts confirming disallowance of Rs. 61,14,053/-u/s 14A. 2. Disallowance of premium paid on Insurance ....

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....order, CIT(A) confirmed the disallowance so made by the AO against which assessee is in further appeal before us. 6. Learned AR drawn our attention to the investment made by the assessee which was in its subsidiary companies. Our attention was also drawn to the fact that assessee was having its own capital and free reserves much more than the investment so made, accordingly relying on the decisio....

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....ound that assessee was having its own share capital and reserves of Rs. 10004.10/- lakhs as against the investment of Rs. 8094.70 lakhs. Since own capital and reserve was more than the investment, in terms of decision of the Bombay High Court in case of HDFC Bank, no disallowance on account of interest is warranted. We also found that the decision of the Tribunal relied on by CIT(A) has been rever....

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....in view of the following judicial pronouncements. 1) Cheminvest Ltd. v CIT [378 ITR 33 (Del)/ 281 CTR 447 (Del)] 2) Garware Wall Ropes Limited v Addl. CIT (ITA No. 5408/Mum/2012) 3) M/s JM Financial Limited v Addl. CIT (ITA No: 4521/Mum/2012) 4) CIT v Oriental Structural Engineers Pvt. Ltd (Delhi High Court) 13. Respectfully following the judicial pronouncements, we direct the AO to recom....