2019 (1) TMI 1535

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....ction 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 5th August, 2015 passed by the Income Tax Appellate Tribunal (the Tribunal). This Appeal relates to Assessment Year 2008-09. 2. The Revenue urges the following question of law for our consideration: "Whether on the facts and in the circumstances of the case and in law the Tribunal has erred in deleting the diallowance o....

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....e to the extent of Rs. 8.39 crores in the aggregate inter-alia consisting of proportionate disallowance of interest paid to the extent of Rs. 7.87 crores in the Assessment Order dated 26th November, 2010. 4. Being aggrieved with the Assessment Order dated 26th November, 2010 to the extent of disallowance of proportionate interest paid of Rs. 7.87 crores, the respondent preferred an appeal to the ....

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.... this Court held that where funds available are both interest-free and interest-bearing then presumption is that investment in shares would be out of interest-free funds. Thus, dismissed the revenue's appeal.   6. We find that on facts both the CIT (A) as well as Tribunal have rendered a concurrent finding that the investment made in shares which gave rise to exempt income was made out o....