Tribunal held that where interest-free funds available with the assessee were sufficient to meet his investment and at the same time loan was raised, it can be presumed that the investments were made from interest-free funds and hence, no disallowance of interest should be made to that extent. The Assessing Officer was to examine the assessee’s contention that interest-free funds were available with him and then decide the amount of interest disallowable under section 14A . The disallowance of Rs. 91,398, being one half per cent. of average value of investment was properly disallowed.