Section 115JB(2) of the Income Tax Act
The decision most relied on for Section 115JB(2) is HDFC Bank Ltd. v. DCIT (383 ITR 529), cited in 408 of the 27 judgments on BharatTax that turn on this section.
Leading authorities on Section 115JB(2)
When an assessee has both interest-free and interest-bearing funds, there is a presumption that investments were made from interest-free funds, eliminating the need to separately identify if investments were from own funds for disallowance under Section 14A.
To determine if an expense is capital or revenue expenditure, the test focuses on whether the expenditure creates a capital asset or yields an enduring commercial advantage.
A decision is considered 'per incuriam' if rendered through inadvertence, such as when a court acts in ignorance of its own previous decisions, a superior court's decision, or statutory provisions. Further, defining a word in a statute implies that it has no other meaning, thereby restricting the scope unless additional categories are expressly included.
Judgments on Section 115JB(2)
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