KIRTIKUMAR NAGINDAS SHAH,SURAT vs. INCOME TAX OFFICER, WARD 2(3)(6), SURAT
In the result, ground No.2 raised by the assessee is allowed
ITA 535/SRT/2023[2014-15]Status: DisposedITAT Surat12 Oct 2023AY 2014-15
Bench: Shri Dr. A. L. Sainiआयकर अपील सं./Ita No.535/Srt/2023 Assessment Year: (2014-15) (Physical Hearing) Kiritkumar Nagindas Shah, Vs. The Ito, A-1103, Regent Residency, Near Ward – 2(3)(6), Saurabh Society, Pal, Surat Surat – 395009, Gujarat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Anjps9031P (Appellant) (Respondent)
Section 143(1)Section 143(2)Section 143(3)Section 145Section 14ASection 40
50B not would be applied”
14. From the above judgment of Coordinate Bench of ITAT,
Mumbai in the case of Bennett Coleman & Co. Ltd. (supra), it is vivid that where assessee had furnished details that it had surplus own funds to make investments in shares and mutual funds and it had not used borrowed funds for such purpose, the disallowance
