ACIT (OSD) v. M.S. Khurana Engineering Ltd. (2024) 206 ITD 741 (Ahd) (Trib.)

S. 14A : Disallowance of expenditure-Exempt income-Interest free funds-Investment in Securities and Joint ventures-Owned interest free funds with were much higher than investments made by assesse. [R.8D(2)(b)]

Held that the assessee had invested own interest free funds in securities/Joint Ventures which yield exempt income, no disallowance under section 14A read with rule 8D(2)(b) is  warranted, as available owned interest free funds with assessee were much higher than investments made by assessee which yield exempt income.  (AY. 2007-08, 2008-09)