Held, that Assessing Officer has to go through the fund position namely capital and interest-free advances, reserves and surplus to determine whether any borrowed funds more than available own funds had been utilized and take a decision. If sufficient own funds were available, no disallowance to be made (AY. 2011-12).
Oswal Woollen Mills Ltd. v.Add. CIT (2022)98 ITR 521 (Chd) (Trib)
S. 36(1)(iii) : Interest on borrowed capital-Investment in quoted and unquoted shares-Own funds more than investments-Matter remanded for verification.