2012 (10) TMI 1021 - SCH - Income Tax

Expenditure in relation to income which does not form part of Total Income - Whether expenditure (including interest paid on funds borrowed) in respect of investment in shares of operating companies for acquiring and retaining a controlling interest therein is hit by section 14A of the Income tax Act, 1961 inasmuch as the dividend received on such shares does not form part of the total income.

Summary

The Supreme Court of India condoned delay and granted leave for the appeals to be heard on the SLP paper books. Additional documents may be filed by the parties, and the case is tagged with C.A. No. 7019 of 2011.