2017 (6) TMI 281

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..... ed against the order dated 29.8.2014 passed by the learned CIT(A)-7, Mumbai and it relates to A.Y. 2011- 12. The Revenue is aggrieved by the decision of the learned CIT(A) in deleting the addition made by the Assessing Officer u/s. 14A of the Act. 2. We have heard the parties and perused the record. The assessee held long term investment of Rs. 161 crores and Rs. 114 crores respectively as on 31. .....

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..... such kind of strategic investment have to be excluded for the purpose of computing disallowance under rule 8D as per decision rendered by Mumbai Tribunal in the case of Garware Wall Ropes Ltd. Vs. Addl. CIT (46 Taxamnn.com 18). The learned CIT(A) was satisfied with the contentions of the assessee and accordingly, directed the Assessing Officer to delete the disallowance made by the Revenue. Aggri .....

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..... Investments. Quoted investments have been made in Videocon Industries Ltd. (major portion of investment) & Value Industries Ltd. It was submitted that M/s Videocon Industries Ltd is a group company and hence it falls in the category of strategic investments. Unquoted investment costing Rs. 101.19 crores have been brought forward from immediately preceding year, meaning thereby the assessee did no .....

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