Dismissing the appeal of the revenue the Tribunal held that since assessee was having a common fund consisting of both own funds and borrowed funds and in case own funds were sufficient to invest in non-business activities, a presumption was to be drawn that said investment was made out of own funds and no disallowance in this regard was to be made. (AY. 2010-11)
ACIT v. Padma Logistics & Khanij (P.) Ltd. (2020) 81 ITR 61 / 183 ITD 891/ 208 TTJ 67 (Kol.)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Own funds are more than investments-Presumption that investment was made out of own funds-No disallowance can be made. [R. 8D]