2009 (2) TMI 498

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..... Company to invest in the Capital of another Partnership Firm and since profits derived by the Assessee Company from a Partnership firm were exempt from tax u/s.10(2A) of the Income-tax Act, the interest expense related to such tax free profits is to be disallowed u/s.14A of the Income Tax Act? - ITA No.110 of 2009 - - - Dated:- 26-2-2009 - F.I. REBELLO R.S.MOHITE, JJ. Mr.Vimal Gupta with .....

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..... he circumstance of the case and in law the Hon ble Tribunal was right in holding that the Assessing Officer cannot consider notional interest on deposit received by the Assessee Company while arriving at the fair market value u/s.23(1) (a) of the Income-tax Act? 2. In so far as Question (A) is concerned, on facts we find that there is no profit for the relevant assessment year. Hence the questi .....

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