2014 (10) TMI 953 - HC - Income Tax

Addition u/s 14A - Expenses in relation to income not forming part of total income Held that - Question of law answered in favour of the Assessee and against the Revenue. There is no dispute in that regard because the Tribunal has relied upon a judgment of this Court in the case of Godrej & Boyce Mfg. Co. Ltd. V/s. Deputy Commissioner of Income Tax reported in (2010 (8) TMI 77 - BOMBAY HIGH COURT). Thereafter the matter was sent back to the Assessing Officer and who has applying ratio of the Division Bench, granted the claim of the Assessee.

Summary

The High Court of Bombay ruled in favor of the Assessee in an Income Tax Appeal case, based on previous judgments. The Tribunal's decision was upheld, and the Appeal was dismissed with no costs.