That the Commissioner (Appeals) had given a categorical finding that the assessee’s own interest-free funds were far in excess of the investments made in the firm, yielding exempt income and, accordingly, no disallowance was called for, and that since no exempt income was earned by the assessee during the year under consideration, there was no question of disallowance under section 14A. The order of the Commissioner (Appeals) was upheld (AY.2009-10, 2010-11, 2011-12)