2016 (10) TMI 1242

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....the Respondent : Sri A. Shankar M. Lava JUDGMENT The appellant - Revenue has preferred the present appeal by raising the following substantial questions of law :- 1. Whether the Tribunal was correct in deleting the disallowance u/s 14A r.w.r. 8D(2)(ii) and 8D (iii) in respect of investments in assets yielding tax free income, holding that the provisions of Section 14A cannot be invo....

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....e the matter is directed by the Tribunal to the lower authority, he is not pressing question Nos.1 and 2. 3. However, he submitted that inadvertently he could not formulate and place on record another question for disallowance of interest, which was contended before the Tribunal and he submitted that he may be permitted to add a question for disallowance of the interest out of the total interes....

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....scussion of the Tribunal on the aforesaid question is at paragraph Nos.22 and 23 which reads as under :- "22. We have perused the orders and heard the rival contentions. Balance sheet of the assessee placed at PB page-53, show its share capital reserved & surplus as under;   As on 31.03.2008 As on 31.03.2009 Increase Share capital 24,53,000 24,53,000 NIll R....

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....r non-business purpose made. 23. As for the decision of the Hon'ble P & H High Court in Abhishek Industries Ltd., (supra) is concerned, this was followed by the very same High Court, while confirming a similar disallowance in the case of Munilal Sales Corpn. Vs CIT 298 ITP 288. Hon'ble Apex court reversed the latter in 298 ITR 298 and hence judgment in Abhishek Industries Ltd., will not f....