2015 (11) TMI 1787

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sp;Revenue by : Shri M.S. Meena, CIT ORDER P.K. Bansal,    This appeal has been filed by the assessee against the order of ld. CIT (A) dated 17.03.2015. The only issue involved in this appeal relates to the disallowance of interest under section 14A amounting to Rs. 6,00,000/-. 2. The brief facts of the case are that the AO noted that the assessee is a private limited company....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ate against the share application money of M/s. Career Point Infosystem Ltd. No shares were allotted against the investment in share application money. The amount of Rs. 1,60,00,000/- was returned back on 28.8.2008. The AO, therefore, worked out the interest @ 9% on the investment made against share application money from 1.4.2008 to 28.8.2008 at Rs. 6,00,000/- and disallowed the same under sectio....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....does not form part of the total income. Further, sub-section (3) of  section 14A empowers the AO to apply sub-section (2) in a case where the assessee claims that no expenditure has been incurred by him in relation to income which does not form part of the total income. In this case I noted that even though the AO has made the disallowance by relying on the provisions of section 14A but he di....