Held that reserves and surplus funds more than investments. Presumption that such investment was made from interest-free funds available with assessee. No interest disallowance warranted. (AY. 2007-08 to 2013-14).
N. R. Agarwal Industries Ltd. v. ACIT (2021) 91 ITR 503 (Surat)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Reserves and surplus funds more than investments-Presumption that such investment was made from interest-free funds available with assessee-No interest disallowance warranted. [R. 8D]