Dismissing the appeal of the revenue the Court held that disallowance can be only on net interest on the loan . (AY. 2008-09)
CIT v. Jubiliant Enterprises P. Ltd. (2019) 416 ITR 58 (Bom) (HC) Editorial: SLP is granted to the revenue , CIT v. Jubiliant Enterprises P. Ltd. ( 2017) 397 ITR 32 (St)
S. 14A : Disallowance of expenditure – Exempt income -Interest – Disallowance can be only on net interest on the loan . [ R.8D ]