2017 (8) TMI 376

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..... rectly related to earning of taxable income. The interest and loans borrowed were paid out of sale proceeds of land and the balance of the proceeds were invested in mutual funds which yielded income. This explanation is accepted by the Assessing Officer. The Commissioner on the other hand, has not pointed out as to how the said explanation of the assessee was wrong. - Decided in favour of assessee .....

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..... g Officer did not apply his mind and verify as to whether the working given by the assessee was correct as per the provisions of Rule 8D of the Income Tax Rules. The assessee itself had applied Rule 8D and as such, Rule 8D will have to be applied with all its rigours. 2 The learned counsel for the respondent supports the order. 3 The Tribunal has restored the order of the Assessing Officer. .....

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