South Indian Bank Ltd. v. CIT

ACIT 4(1), MUMBAI vs. M/S BOFA SECURITIES INDIA LIMITED (EARLIER KNOWN AS DSP MERRILL LYNCH LTD ), MUMBAI

In the result appeals of the assessee are allowed and appeals of the Revenue are dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI S RIFAUR RAHMAN (Accountant Member)

…est expenses. As noted above, assessee’s own surplus funds were far more than investment made and therefore, no disallowance of interest can be made in view of the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. vs. CIT reported in 438 ITR 221, wherein it has been held that in case there are mixed funds available with the assessee i.e. owned funds as well as owed funds, the investments made by the assessee ought to be considered to be made out of the interest-free funds and the assessee has the right of appropriation of the funds, where 'sufficient interest-free funds are available. Th…

DCIT 4(1), MUMBAI vs. M/S BOFA SECURITIES INDIA LIMITED (EARLIER KNOWN AS M/S DSP MERRILL LYNCH LIMITED ), MUMBAI

In the result appeals of the assessee are allowed and appeals of the Revenue are dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI S RIFAUR RAHMAN (Accountant Member)

…est expenses. As noted above, assessee’s own surplus funds were far more than investment made and therefore, no disallowance of interest can be made in view of the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. vs. CIT reported in 438 ITR 221, wherein it has been held that in case there are mixed funds available with the assessee i.e. owned funds as well as owed funds, the investments made by the assessee ought to be considered to be made out of the interest-free funds and the assessee has the right of appropriation of the funds, where 'sufficient interest-free funds are available. Th…

BOFA SECURITIES INDIA LIMITED (FORMERLY KNOWN AS DSP MERILL LYNCH LTD,MUMBAI vs. ACIT RG 4(1), MUMBAI

In the result appeals of the assessee are allowed and appeals of the Revenue are dismissed

…est expenses. As noted above, assessee’s own surplus funds were far more than investment made and therefore, no disallowance of interest can be made in view of the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. vs. CIT reported in 438 ITR 221, wherein it has been held that in case there are mixed funds available with the assessee i.e. owned funds as well as owed funds, the investments made by the assessee ought to be considered to be made out of the interest-free funds and the assessee has the right of appropriation of the funds, where 'sufficient interest-free funds are available. Th…