Held that own funds are more than value of investment in firm, mutual funds and shares hence no disallowance can be made. Lump sum disallowance of 15 lakhs made by the assessee was held to be proper. (AY. 2009-10)
ACIT v. Century Real Estate Holdings Pvt. Ltd. (2021) 89 ITR 36 (SN) (Bang.)(Trib.) Dy. CIT v. India Infoline Finance Ltd. (2021)89 ITR 9 (SN) (Mum.) (Trib.)/Viney Corporation Ltd. v. ACIT (2021)92 ITR 59 (SN) (Delhi) ( Trib)/Hindustan Associated Engineers Pvt. Ltd. v. ITO (2021)92 ITR 33 (SN) (Delhi) ( Trib)
S.14A : Disallowance of expenditure-Exempt income-Own funds are more than value of investment in firm, mutual funds and shares-No disallowance can be made-Charging net amount to profit and loss account-Lump sum disallowance of 15 lakhs was held to be proper. [R. 8D(2)(ii), 8D(2)(iii)]