HC confirmed sec. 14A disallowance towards dividend earned on specified securities purchased on RBI directions

IT : Where pursuant to directions of RBI, assessee invested certain amount in specified securities, bonds etc. in order to continue its licence to carry on business as a residuary non-banking financial company, said securities/bonds could not be regarded as trading assets of assessee and, thus, impugned disallowance made under section 14A in respect of dividend income earned on said securities was to be upheld

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