MASCOT FOOTCARE FARIDABAD THRG ITS PARTNER GUNJAN LAKHANI vs. COMMISSIONER OF INCOME TAX FARIDABAD (HARYANA)

The appeals stand dismissed

Bench: MS. JUSTICE RITU BAHRI,MRS. JUSTICE MANISHA BATRA

66,684,014/- over the years in the shares of Lakhani India Ltd. from which the dividend income was not taxable and the interest pertaining to the investments in the share capital was not allowable expenditure in view of the provisions of section 14A of the Act 1961. Similarly, the Assessing Officer disallowed interest

M/S SHREE DIGVIJAYA WOOLLEN MILLS LTD. AMRITSAR vs. COMMISSIONER OF INCOMT-TAX, AMRITSAR