{"id":38195,"date":"2023-12-28T14:22:34","date_gmt":"2023-12-28T08:52:34","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-v-century-enka-ltd-2023-293-taxman-471-cal-hc\/"},"modified":"2024-03-31T06:17:13","modified_gmt":"2024-03-31T00:47:13","slug":"pcit-v-century-enka-ltd-2023-293-taxman-471-cal-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-century-enka-ltd-2023-293-taxman-471-cal-hc\/","title":{"rendered":"PCIT v. Century Enka Ltd. (2023)  459 ITR 190\/293 Taxman 471 (Cal.)(HC)"},"content":{"rendered":"<p>Dismissing the appeal of the revenue\u00a0 the Court held that the Tribunal has\u00a0 found that the assessee had sufficient own funds which are several times more than the investments made by the assessee and hence it can be concluded that the borrowed funds have not been utilised for the purpose of making investments. Based on such factual position, the Tribunal has rightly held that the AO could not have invoked Rule 8D(2)(ii) of the Income-tax Rules in the present case (AY 2008-09).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 14A : Disallowance of expenditure-Exempt income-Not recording of satisfaction-Own funds-Order of Tribunal deleting the addition is affirmed. [R. 8D (2)(ii)]  <\/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":[21],"tags":[],"class_list":["post-38195","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9W3","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38195","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=38195"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38195\/revisions"}],"predecessor-version":[{"id":40947,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38195\/revisions\/40947"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=38195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=38195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}