THE MAHABIR JUTE MILLS LIMITED,GORAKHPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2 , GORAKHPUR

In the result, (i) the appeal of the assessee for AY 2009-10 is partly allowed and for AY 2020-21 is treated as allowed

Bench: Shri B.R. Baskaran (Am) & Shri Amit Shukla (Jm)

26-03-2009. Accordingly, the AO took the view that a portion of expenses should be disallowed u/s 14A of the Act. The AO further noticed that the assessee has borrowed funds and has incurred interest expenditure. The AO took the view that the assessee has used the borrowed funds for making investments and hence a portion of interest expenditure

DCIT,, GORAKHPUR vs. M/S MAHABIR JITE MILLS, LTD., GORAKHPUR