Dcit 12(1)(2), Mumbai vs Businessmatch Services (I) P. Ltd, ... on 28 February, 2019
- ACIT vs Gopal Fabrics fITA 3338/Ahd/2010l
7:6 This view is also supported by the judgment of Hon'ble
Bombay High Court in the case of HDFC Bank Limited vs
DCIT [383 ITR 0529] wherein it has been held that "The
petitioner was possessed of sufficient interest free funds
ofRs.2153 crores as against the investment in tax free securities
ofRs.52.02 crores. Consequently, there is a presumption that the
investment which has been made in the tax free securities has
come out of the interest free funds available with the petitioner.