Allowing the appeal of the assessee the Tribunal held that the , assessee , had surplus own funds to make investments in shares and mutual funds and it had not used borrowed funds, therefore interest expenses cannot be disallowed. ( AY. 2008 -09)
Bennett Coleman & Co. Ltd. v. ACIT (2017) 168 ITD 631/( 2018)192 TTJ 377 / 164 DTR 145 (Mum) (Trib.)
S. 14A : Disallowance of expenditure – Exempt income -Investments in shares and mutual funds from own funds -Interest expenses cannot be disallowed [ R.8D ]