Tribunal held that as the investments has not generated any income disallowance of interest on borrowed funds utilized for making investments cannot be made ( AY.2010-11, 2014-15)
ACIT v. Amartara P. Ltd. (2020) 78 ITR 46 (SN) (Mum) (Trib)
S. 14A : Disallowance of expenditure – Exempt income -— Investments not generating any income — Disallowance of interest on borrowed funds uilised for making investments cannot be made .[ R.8D ]