Deptuy Commissioner Of Income Tax vs Umil Share & Stock Broking Services Ltd.
Whether disallowance under section 14A read with Rule 8D should consider net interest expenditure (interest paid minus interest income) without requiring an 'inextricable link' between interest earned and paid --- Held Yes. | Whether off-market sale of shares to group companies resulting in long-term capital loss constitutes a 'colourable device' to reduce tax liability --- Held No, provided transactions are genuine and at market value.
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