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TMI Blog2017 (8) TMI 1392X X X X Extracts X X X X X X X X Extracts X X X X ..... that investments are made out of the interest-bearing funds under section 14A of the Act. No fault can be found with the impugned order of the Tribunal in following the decision of this court in Reliance Utilities and Power Ltd. [2009 (1) TMI 4 - BOMBAY HIGH COURT] - Decided in favour of assessee. - Income Tax Appeal No. 84 of 2013. - - - Dated:- 1-8-2017 - M. S. Sanklecha and Manish Pitale JJ. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent/assessee's appeal against an order disallowing interest expenditure of ₹ 1.40 crores under section 14A of the Act read with rule 8D of the Income-tax Rules on account of tax-free dividend earned by it. The impugned order records the fact that the respondent/assessee had non-interest bearing funds far in excess of the amount invested in shares on which the respondent/assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT v. Reliance Utilities and Power Ltd. (supra). However, he seeks to rely upon the decision of the Punjab and Haryana High Court in Avon Cycles Ltd. v. CIT [2018] 11 ITR-OL 381 (P H) ; [2015] 228 Taxman 368 (P H) which has taken a view different from that taken by this court in CIT v. Reliance Utilities and Power Ltd. (supra). It is pertinent to note that the assessee's appeal from the above ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be disallowed on the basis that investments are made out of the interest-bearing funds under section 14A of the Act. The reliance upon the decision of the Punjab and Haryana High Court would not be binding upon the Tribunal functioning within the jurisdiction of this court. Consequently, no fault can be found with the impugned order of the Tribunal in following the decision of this court in Relia ..... X X X X Extracts X X X X X X X X Extracts X X X X
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