The Tribunal held that since the assessee’s own funds were substantially in excess of the investments yielding exempt income, no disallowance of interest under section 14A read with rule 8D was called for. (AY. 2006-07 to 2012-13).
Dy. CIT v. Bodal Chemicals Ltd. (2025) 127 ITR 194 / 177 taxmann.com 448 (Ahd.)(Trib.)
S. 14A: Disallowance of expenditure-Exempt income-Own funds exceeding investments-No disallowance of interest warranted. [R. 8D]
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