Dismissing the appeal of the revenue , the Court held that ; Prior to its amendment with effect from 2-6-2016 , amount of expenditure by way of interest would be interest paid by assessee on borrowings minus taxable interest earned during financial year . (AY. 2008-09)
PCIT v. Nirma Credit & Capital (P.) Ltd (2017) 85 taxmann.com 72 / ( 2018) 300 CTR 286/161 DTR 333 (Guj )HC)
S. 14A : Disallowance of expenditure – Exempt income -Net interest- Prior to its amendment with effect from 2-6-2016 , amount of expenditure by way of interest would be interest paid by assessee on borrowings minus taxable interest earned during financial year [ R.8D ]
Dismissing the appeal of the revenue , the Court held that ; Prior to its amendment with effect from 2-6-2016 , amount of expenditure by way of interest would be interest paid by assessee on borrowings minus taxable interest earned during financial year . (AY. 2008-09)
Nirma Credit & Capital (P.) Ltd (2017) 85 taxmann.com 72 / ( 2018) 300 CTR 286 (Guj HC)