2020 (1) TMI 1638

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.... : Ms. Rakhi Vimal, Sr. DR For the Assessee : Shri Manoj Kumar Anand, FCA ORDER PER BHAVNESH SAINI, J.M. This appeal by Revenue has been directed against the Order of the Ld. CIT(A)-6, Delhi, Dated 09.05.2017 for the A.Y. 2014-2015. 2. We have heard the Learned Representatives of both the parties and perused the material on record. 3. On Ground Nos.1, 2 and 3, the Revenue challen....

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....s.1811.88 lakhs, therefore, no further disallowance is to be made. It was also submitted that NTC has made non-cash investment at Rs.1793.32 lakhs in subsidiary and associated companies as a joint venture to revived certain closed mills. In other words, when no funds are used in investment, then no disallowance of interest expenses under section 14A is applicable. The amount of net investment was ....

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....enditure of Rs.6,76,71,843/-, but, added back only Rs.1,57,47,097/- in the computation of income. It has been done because assessee is adding back only net prior period expenditure [i.e., Expenses (-) Income] since incorporation and the same were duly accepted by the Department also in all these years. Further, these expenses pertains to earlier years, but, have crystallized only in the current fi....

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....11.2014 (supra). However, on first issue the assessee was not justified in disallowing only Rs.9,05,940/-. 6. On the other hand, the Learned Counsel for the Assessee submitted that both the issues are covered by the Order of ITAT, Dated 19.11.2014 for the A.Y. 2009-2010 (supra). 7. We have considered the rival submissions and do not find any justification to interfere with the Order of the L....