Dismissing the appeal of the revenue the Court held that investment in shares were from own funds and not from borrowed funds , hence no disallowance can be made. ( AY. 2008-09, 2009-10 )
PCIT v. Rasoi Ltd. (2018) 407 ITR 126 (Cal) (HC)
S. 14A : Disallowance of expenditure – Exempt income –Investment in shares – Not from borrowed funds –No disallowance can be made. [S. 10(34), R.8D ]