Tribunal held that where own funds of assessee exceed amount of investment in shares, no disallowance of interest on borrowed fund can be made by Assessing Officer by invoking provisions of section 14A, read with rule 8D of 1962 Rules. (AY. 2010-11)
Gujarat State Energy Generation Ltd. v. ACIT (2020) 183 ITD 590 (Ahd.)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Own funds exceeded amount of investment in shares-No disallowance can be made. [R. 8D]