Section 14A Disallowance and Mark-to-Market Stock Depreciation Invalid Where Interest-Free Surplus Exists
Section 14A Disallowance and Mark-to-Market Stock Depreciation Invalid Where Interest-Free Surplus Exists Issue Whether Section 14A disallowance can be made without the AO recording valid satisfaction, and whether interest disallowance under Section 14A / Section 36(1)(iii) is sustainable when interest-free funds exceed investments yielding exempt income. Whether provision for mark-to-market loss/diminution in the value of… Read More »