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Whether Deduction U/S 54F Available On Investment In More Than One Flat?

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ITAT, Kolkata holds in a landmark judgement  that in computing disallowance u/s 14A r.w Rule 8D , only investment in those shares are to be considered which has yielded exempt income in the form of dividends. In other words, disallowance cannot be made in respect of shares on which dividend income has not been received.
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If Mr X has taken loan for the purpose of business from LIC, certainly the same is allowable as business expenditure on payment basis as per sec 43B, cl.(d) as LIC is a financial institution as per sec 4A of the Companies Act.

Regds.

Respected Pawanji,

In Bhaumik Colour (P.) Ltd's case 118 ITD 1(Mum) (SB), the issue whether loans & Advances are different than ICDs/deposits never fell for consideration. The issue there was whether deemed dividend can be assessed only in hands of a person who is a shareholder of lender company and not in hands of a person other than a shareholder. The question before the Spl. Bench was answered in affirmative.

Regds.

Dear Muraliji,

Pls. go through the following case laws for d proposition that loans & Advances are different than ICDs/deposits & sec 2(22)(e) does not apply to such cases-
a)   Bombay Oil Industries Ltd. Vs DCIT 28 SOT 383
b)   Housing & Urban Development Corpn. Ltd. v. Jt. CIT [2006] 5 SOT 918 (Delhi) (SB),
c)   Gujarat Gas Financial Service Ltd. v. Asstt. CIT [2008] 115 ITD 218 (Ahd.) (SB)
d)   Basant Poddar, Bangalore vs Assessee ,ITA.521/Bang/09
        link http://www.indiankanoon.org/doc/103880816/
e)   Ifb Agro Industries Limited vs Assessee, I.T.A No. 1721/Kol/2012
        link http://www.indiankanoon.org/doc/94896384/
f)   S.Dev Fashion Pvt.Ltd vs Department , ITA No.2491/Ahd/2010   
         link http://www.indiankanoon.org/doc/187251207/

Regds,
subash

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RECENT REPORTED JUDGEMENTS IN THE FIELD OF DIRECT TAXES (Part III)
AT

http://subashagarwal.blogspot.in/2013/05/recent-reported-judgements-in-field-of.html