Court held that there is a presumption that interest free funds were utilized for making exempt investment, assessee would not be expected to establish same and it would be for revenue to establish to contrary. No disallowance can be made. (AY. 2006 -07 to 2009 -10)
PCIT v. Ashok Apparels (P.) Ltd. (2019) 264 Taxman 50/(2020)423 ITR 412 (Bom.) (HC)
S. 14A : Disallowance of expenditure-Exempt income-Interest free funds were utilized for making exempt investment-No disallowance can be made.[R. 8D].