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Exp. incurred to earn dividend income on investment made in sister concern was allowable exp.: HC

March 12, 2019[2019] 104 97 (Bombay)/[2019] 262 Taxman 341 (Bombay)

IT: Where assessee made investment in share capital of sister concern, with a view to earn dividend income, expenditure incurred for earning such income had to be allowed under section 36(1)(iii)

IT: Where AO made certain disallowance under section 14A, in view of fact that assessee had sufficient interest free funds in excess of interest bearing fund to make investment which would result in exempt income, impugned disallowance was to be deleted

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