The assessee claimed exemption u/s 10(23G), and the disallowance u/s 14 concerning exempt income was...

The assessee claimed exemption u/s 10(23G), and the disallowance u/s 14 concerning exempt income was disputed. It was held that the assessee had sufficient interest-free funds for making investments, aligning with the ratios in Reliance Utilities & Power Ltd. and HDFC Bank cases, presuming investments were made from interest-free funds. The South Indian Bank Ltd. case supported this presumption. Regarding depreciation on leased assets, the assessee's claim was upheld, consistent with the Tribunal's earlier decision, as there were no new lease transactions. On the addition u/s 41(4) for written-back bad debts, the issue was restored to the Assessing Officer, following the Tribunal's view in the preceding assessment year. The claim for bad an..... .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X