Tribunal held that only those investments are to be considered for computing average value of investment which yielded exempt income during year.(AY. 2008-09)
Shivnarayan Nemani Shares & Stock Brokers (P) Ltd. v. DCIT (2022) 192 ITD 50 (Mum.)(Trib.)
S.14A : Disallowance of expenditure-Exempt income-Only the value of investments which yielded exempt income during year. [R. 8D (iii]