2020 (7) TMI 222

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.....Sivaraman JUDGMENT (Delivered by DR.VINEET KOTHARI, J.) The Court was held by Video Conference, as per the Resolution of the Full Court dated 3 July 2020, by Judges at the respective residence offices and the counsel, staff of the Court appearing from their respective residences. 2. Mr.T.Ravikumar, learned Senior Standing Counsel appearing for the appellant Revenue submitted that vide paragra....

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..... During the AY under consideration, the assessee has made investment of ~2.36 Crores in the rights issue of M/s.Saregama India P. Ltd. The assessee is having investment portfolio of Rs. 50.86Crores and these investments have been made over a period of time. The assessee must have been spending some amount in managing the portfolio. The CIT(Appeals) has made an estimation of Rs. 10.00 Lakhs. Since....

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....in the present appeal under Section 260A of the Act. 6. The extent of expenditure to be disallowed under Section 14A of the Act would naturally depend upon the income earned by the Assessee and spending that income and extent of exemption they have drawn. Since the Tribunal has discussed the relevant facts in paragraph 6 quoted above, we do not find any perversity in the order passed by the Tribu....