2020 (2) TMI 732

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....Bhansali for the Respondent.   P. C :- 1. Heard Mr. Kotangle, learned standing counsel revenue for the appellant and Mr. Bhansali, learned counsel for the respondent-assessee.   2. This appeal under Section 260A of the Income Tax Act, 1961 ("the Act" for short) has been preferred by the revenue against the order dated 20.12.2016 passed by the Income Tax Appellate Tribunal, "D" B....

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....disallowance under Section 14A of the Income Tax Act, 1961 without appreciating that it is not the object for which the investment was made, but the quality of income, tax-exempt or otherwise, that arises from the investment, needs to be considered for the purpose of section 14A of the Income Tax Act, 1961? 4. On a query by the Court Mr.Kotangle, learned counsel for the appellant submits that t....