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TMI Blog2011 (1) TMI 407X X X X Extracts X X X X X X X X Extracts X X X X ..... Counsel for the respondent. ADARSH KUMAR GOEL, J. 1. This appeal has been preferred by the assessee under Section 260-A of the Income Tax Act, 1961 (for short, "the Act") against the order of the Income Tax Appellate Tribunal, New Delhi dated 18.1.2008 in I.T.A. No.3792/DEL/2006 and was admitted to consider following substantial question of law:- "WHETHER the provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee was allowed. The CIT(A) held that borrowing of the assessee was utilised only for working capital purposes and direct nexus between the amount invested and the amount borrowed was not established. Appeal of the revenue has been allowed by the Tribunal and the matter remanded to the Assessing Officer to determine the question as to how acquisition of shares in the earlier years was financed. & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or. Reliance has been placed on judgment of this Court in Punjab Small Industries and Export Corporation Ltd. v. CIT [2009] 316 ITR 239. Reliance has also been placed on judgment of the Hon'ble Supreme Court in CIT v. Walfort Share & Stock Brokers (P) Ltd. (2010) 41 DTR Judgments 233 to submit that Section 14A of the Act was only clarificatory to curb the practice to claim reduction of expenses in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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