Held that the disallowance under section 14A of the Income-tax Act, 1961 read with rule 8D of the Income-tax Rules, 1962 was not justified in view of the fact that the assessee had demonstrated that it had sufficient funds for making investment which yielded exempt income. (AY.2005-06, 2013-14)
Dy. CIT v. Navratna Organizers and Developers P. Ltd. (2022) 93 ITR 14 (SN) (Ahd.)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Interest-Sufficient funds-Disallowance of interest is not valid. [R. 8D]