2022 (1) TMI 789

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....S.SYAL, VP : This appeal by the assessee is directed against the order passed by the CIT(A) on 03-08-2018 in relation to the assessment year 2015-16. 2. The only issue raised in this appeal is against the confirmation of disallowance of Rs. 1,59,430/- made by the Assessing Officer (AO) u/s.14A of the Income-tax Act, 1961 read with Rule 8D. 3. Briefly stated, the facts of the case are that....

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.... 01-04-2008, the earlier decisions granting relief on the question of having shareholders funds at more than the investments made, did not hold good. 4. We have heard the ld. DR and perused the relevant material on record. There is no appearance from the sides of the assessee despite notice. Due to smallness of the issue, we are, proceeding to dispose of the appeal ex parte qua the assessee. It....

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....this conclusion, the Hon'ble High Court relied on the judgment of the Hon'ble Supreme Court in the case of East India Pharmaceutical Works Ltd. Vs. CIT (1997) 224 ITR 627 (SC). Similar view has been taken by the Hon'ble Dehi High Court in CIT vs. Tin Box Company (2003) 260 ITR 637 (Del), holding that when the capital and interest free unsecured loan with the assessee far exceeded the interest ....