Tribunal held that the the financial statement available on record clearly indicated that the assessee had sufficient interest-free funds available with it. The presumption was that the interest-free funds were utilised in investment in shares. Thus, no part of the interest expenditure could be attributed for earning of exempt income. The only disallowance which could be made under section 14A was the administrative expenditure as per rule 8D(2)(iii) . While computing the disallowance the Assessing Officer had to consider only those investments which had yielded exempt income during the year.( AY.2007-08, 2008-09)