DCIT CORPORATE CIRCLE 2(2), CHENNAI vs. IDFC LIMITED, CHENNAI

In the result, the appeal filed by the assessee in ITA

Bench: Shri Aby T. Varkey & Shri Jagadishआयकर अपील सं./Ita No.877/Chny/2018 & 677/Chny/2020 िनधा&रण वष& /Assessment Years: 2010-11

capital and reserves exceeded the investment made in equity and courts have held that if own funds exceeded the investments in dividend-yielding assets, the general presumption would be that assessee’s own funds were used to make such investment. However, in this case, the assessee until AY 2006- 07 , consistently claimed , that borrowed funds were used for dividend- yielding