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TMI Blog2019 (11) TMI 1194X X X X Extracts X X X X X X X X Extracts X X X X ..... ricting the disallowance u/s 14A r/w. Rule 8D(2)(iii) by reducing the value of strategic investment and investment not yielding dividend income - HELD THAT:- Appeal is admitted on the substantial question of law as (B) above. Prima-facie, this issue seems to be concluded against the Respondent assessee and in favour of the Revenue by the decision of the Apex Court in Maxopp Investment Ltd. v/s. Commissioner of Income tax, New Delhi [ 2018 (3) TMI 805 - SUPREME COURT] . Therefore, we fix the final hearing of this Appeal on 3 February 2020 at the bottom of the Admission Board. Registry is directed to communicate copy of this order to the Tribunal. - INCOME TAX APPEAL NO. 1034 OF 2017 - - - Dated:- 19-11-2019 - M.S. SANKLEC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 102 (Karnataka) has held that Section 14A of the I.T. Act, 1961 is applicable even where motive in acquiring shares is to obtain controlling interest in companies ? 4. Re : Question A (a) During the course of assessment proceedings, it was noted by the Assessing Officer that the Respondent had earned exempt dividend income of ₹ 9.70 lakhs. The Respondent made a suo motu disallowance of ₹ 14.79 lakhs being the expenditure incurred to earn exempt income out of ₹ 45.32 crores being the interest expenditure debited to profit and loss account. However, this was not accepted by the Assessing Officer. Thus he invoked Section 14A r/w. Rule 8D(2)(ii) of the Rules to deny interest expenses to the extent of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an exempt income. (e) In the above view, Question (A) does not give rise to any substantial question of law. Thus not entertained. 5. The Appeal is admitted on the substantial question of law as (B) above. 6. Prima-facie, this issue seems to be concluded against the Respondent assessee and in favour of the Revenue by the decision of the Apex Court in Maxopp Investment Ltd. v/s. Commissioner of Income tax, New Delhi [(2018) 402 ITR 640]. Therefore, we fix the final hearing of this Appeal on 3 February 2020 at the bottom of the Admission Board. 7. Registry is directed to communicate copy of this order to the Tribunal. This would enable the Tribunal to keep papers and proceedings relating to the presen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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