Dismissing the appeal of the revenue the Tribunal held that the assessee had sufficient interest free funds to meet its investments yielding exempt dividend income. Disallowance is held to be not justified. (AY.2014-15)
ACIT v. A U Financiers (India) Ltd. (2019) 175 ITD 245 / 180 DTR 315(Jaipur) (Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Sufficient interest free funds to meet its investments yielding exempt dividend income- Disallowance is held to be not justified. [R. 8D]