2017 (12) TMI 1611

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..... ctivities carried out by him which is claimed as exempt from Income Tax Act. AO has disallowed the interest expenditure to the tune of 3,05,731/- against the aforesaid expenditure. We find merit in the limited plea of the assessee that the expenditure should be restricted to the extent of dividend income. A decision of the Hon’ble Delhi High Court in the case of CIT vs. Taikisha Engineering (I) Lt .....

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..... ferred to as "the Act") dated 18/02/2015 relevant to Assessment Year (AY) 2012-13. 2. The sole grievance of the assessee is that the revenue has disallowed interest expenses amounting to ₹ 3,05,731/- attributable to earning of dividend income of ₹ 7,338/-. 3. With the assistance of the Ld.AR for the assessee, we find that the assessee has earned dividend income of ₹ 7 .....

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