TaxTMI 
TaxTMI 
2016 (8) TMI 1521
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....nst order dated 28/10/2014 passed by the Ld. CIT(Appeals)-21, Mumbai for the assessment year 2011-12, whereby the Ld. CIT(A) has directed the Assessing Officer to exclude the share application money of Rs. 13,73,00,000/- being part of investment made by the assessee for the purpose of computation of disallowance u/s 14A. 2. Brief facts of the case are that the assessee company, engaged in the bus....
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.... directing the Assessing Officer to exclude the share application money of Rs. 13,73,00,000/- being part of investment made by the assessee for the purpose of computation of disallowance u/s 14A, without appreciating the fact that the said investment would result in exempt incomes which may arise in future, however the expenditure pertaining to the said investments is debited to the P&L account du....
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....ions rendered by the ITAT Kolkata in ITA No. 267/kol/2013 (CO No. 29/kol/2013) dated 07/10/2015, in ITO vs. LGW Limited, decision dated 16/01/2013 passed by the ITAT, Mumbai Bench in Rainy Investments Pvt. Ltd. vs. ACIT in ITA No. 5491/Mum/2013 and decision dated 15/01/2014 passed by the ITAT Mumbai in Garware Wall Ropes Ltd. vs. ACIT submitted that the Ld. CIT(A) has passed the impugned order as ....
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....olling stake in a group concern and not for earning any income out of investment, Assessing Officer was not justified in invoking provisions of section 14A, read with Rule 8D in order to disallow a part of incidental dividend income earned on said investment. Similarly in Rainy Investments Pvt. Ltd. vs. ACIT(supra) the Coordinate bench has held that share application money cannot be regarded as an....