2017 (12) TMI 1611

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..... The captioned appeal has been filed at the instance of the Assessee against the order of the Commissioner of Income Tax(Appeals), Ahmedabad-5 [CIT(A) in short] dated 10/09/2015 arising in the assessment order passed under s.143(3) of the Income Tax Act, 1961  (hereinafter referred to as "the Act") dated 18/02/2015 relevant to Assessment Year (AY) 2012-13. 2. The sole grievance of the assess .....

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..... on'ble Delhi High Court in the case of CIT vs. Taikisha Engineering (I) Ltd. 370 ITR 338 where the Hon'ble Delhi High Court in similar facts observed that the disallowance of expenditure should not ordinarily exceed dividend income. In the light of forgoing discussion, we direct the AO to restrict the disallowance of interest expenditure to the extent of dividend income actually earned. 4. In the .....

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