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TMI Blog2016 (7) TMI 959X X X X Extracts X X X X X X X X Extracts X X X X ..... e than the investments made to earn exempt incomes as in the case of Reliance Utilities and Power Ltd. (2009 (1) TMI 4 - BOMBAY HIGH COURT ). Thus, the presumption applies. Further, nothing has been shown to us to warrant taking a different view to that taken in Reliance Utilities and Power Ltd. (supra). In view of the fact that the question as raised stands concluded by the decision of this Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act? 3. During previous year relevant to the subject assessment year, the respondent assessee had earned dividend income of ₹ 1.54 crores and share of profit from partnership firm at ₹ 1.54 lakhs. It had claimed both the above incomes are exempt under Section 10 of the Act. The respondent assessee did not offer any disallowance under Section 14A of the Act in respect of the investmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exempt income under Section 10 of the Act was ₹ 34.44 crores. As against the above, amount of ₹ 34.44 crores its own free reserves and share capital available was to the extent of ₹ 119.85 crores as indicated in the balancesheet of the respondent assessee. In the above view, the impugned order of the Tribunal followed the decision of this Court in Commissioner of Income Tax Vs. R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made by the respondent assessee out of its own funds and not borrowed funds. The assessee has accepted the decision of the Tribunal with regard to other expenses of ₹ 16.92 lakhs being disallowed under Section 14A of the Act read with Rule 8D of the Rules. 8. We find that the Revenue's grievance before this Court is not well founded as the deletion of the addition of ₹ 59.70 lakh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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