The Tax Publishers2021 TaxPub(DT) 0620 (Guj-HC)

INCOME TAX ACT, 1961

Section 260A

Where Interest income received during the year was more than interest paid by the assessee for all three assessment years and Tribunal had concurred with the CIT(A) on the question of deletion of disallowance for interest under rule 8(2)(ii) of the Rules, thus, appeal was dismissed and question proposed could not be considered as a substantial question of law.

Appeal (High Court) - Disallowance of interest expenses under section 14A read with rule 8D(ii) - Tribunal deleted addition -

Issue arose for consideration as to whether Appellate Tribunal was justified in deleting the disallowance of Rs. 10,78,591 made by AO on account of interest expenses under section 14A read with rule 8D(ii). Held: Interest income received during the year was more than interest paid by the assessee for all three assessment years. Tribunal has concurred with the CIT(A) on the question of deletion of disallowance for interest under rule 8(2)(ii) of the Rules. In view of the same, the appeal was dismissed and question proposed could not be considered as substantial question of law.

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2010-11



IN THE GUJARAT HIGH COURT

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