Dismissing the appeal of the Revenue the High Court held that where both interest-free and interest bearing funds were available with assessee, it was to be presumed that investments were made out of interest-free fund. Order of Tribunal deleting the addition is affirmed. (AY. 2011-12)
PCIT, Central v. Shapoorji Pallonji and Co. Ltd. (2024) 164 taxman.com 707 (Bom)(HC) Editorial : SLP of Revenue is dismissed, PCIT, Central v. Shapoorji Pallonji and Co. Ltd. (2024) 300 Taxman 182 (SC)
S. 14A : Disallowance of expenditure-Exempt income-Interest free funds-Presumed that investments were made out of interest-free fund-Disallowance cannot be made.[S. 260A,R.8D]