Held that own capital and free reserves of assessee were much more than investment made by assessee which was yeilding exempt income to it, a presumption would arise that investment was made out of interest free funds generated or available with company. No disallowance under section 14A is to be made (AY. 2011-12)
DCIT v. Godawari Power & Ispat Ltd. (2022) 193 ITD 869 (Raipur)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Interest-Own capital and free reserves-More than investments-No disallowance is to be made. [R. 8D]