Tribunal held that when the investments are made from own funds interest cannot be disallowed and disallowance cannot exceed exempt income. (AY. 2010-11 to 2012-13)
Nitesh Estates Ltd. v. Dy.CIT (2021) 85 ITR 421 (Bang.)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Investment made from own funds-Interest cannot be disallowed-Matter remanded-Disallowance cannot exceed exempt income. [R. 8D]