{"id":12159,"date":"2020-09-11T03:12:26","date_gmt":"2020-09-11T03:12:26","guid":{"rendered":"http:\/\/itatonline.org\/digest\/pcit-v-shapoorji-pallonji-and-co-ltd-2020423-itr-220-bomhc\/"},"modified":"2022-12-31T17:34:10","modified_gmt":"2022-12-31T12:04:10","slug":"pcit-v-shapoorji-pallonji-and-co-ltd-2020423-itr-220-bomhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-shapoorji-pallonji-and-co-ltd-2020423-itr-220-bomhc\/","title":{"rendered":"PCIT v. Shapoorji Pallonji and Co. Ltd. (2020)423 ITR 220\/ 273 Taxman 167 (Bom)(HC) Editorial:  SLP of Revenue dismissed , PCIT v. Shapoorji Pallonji and Co. Ltd. (2022)  288 Taxman 661 (SC)"},"content":{"rendered":"<p>Dismissing the appeal of the revenue the Court held that The Tribunal had affirmed the order of the CIT(A) deleting the addition made by the Assessing Officer under section\u00a014A\u00a0on the ground that the interest-free funds available with the assessee were far in excess of the advance given. The principle of apportionment under rule\u00a08D\u00a0of the\u00a0Income-tax Rules, 1962\u00a0did not arise as the jurisdictional facts had not been pleaded by the Department. That finding of the CIT(A) as affirmed by the Tribunal was that the assessee had not utilised interest bearing borrowed funds for making interest-free advances but had its own interest-free fund far in excess of interest-free advance. ( AY.2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 14A : Disallowance of expenditure &#8211; Exempt income \u2013 Investment from borrowed capital &#8211;  Presumption that advances made out  of interest free funds-   No facts pleaded for apportionment &#8211; Deletion of addition is held to be justified [S.36(1)(iii),  R. 8D  ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12159","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3a7","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12159"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12159\/revisions"}],"predecessor-version":[{"id":31604,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12159\/revisions\/31604"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}