2018 (2) TMI 1978

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....oj, CA ORDER Sanjay Garg, The present appeal has been preferred by the Revenue against the order of the Commissioner of Income Tax (Appeals), [hereinafter referred to as CIT(A)]-1, Ludhiana  dated 18.08.2017. 2. The Ld. Counsel for the assessee has submitted that during the year the assessee earned dividend income of Rs. 25 lacs, whereupon, the assessee suo motu offered the disall....

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....he total investment were made at Rs. 18.37 cores, which was much below than the total reserves and surplus available to the assessee. He in this respect has relied upon the decisions of CIT Vs. Max India Ltd (2016) 388 ITR 81(P&H) and CIT Vs. Kapson Associates (2016) 381 ITR 204 (P&H), wherein, it has been held by the higher Courts that if the assessee has availability of own sufficient funds to m....