Dismissing the appeal of the revenue the Court held, interest free funds more than investment, no disallowance can be made. (AY. 2005-06 to 2011-12).
PCIT v. Gujrat Fluorochemicals Ltd. (2020) 275 Taxman 366 (Guj.)(HC)
S. 14A : Disallowance of expenditure-Exempt income-Interest free funds more than investment-No disallowance can be made. [R. 8D]