Held that the balance-sheet of the assessee showed that the assessee’s own available funds were far in excess of the investments made by the assessee. No disallowance out of interest expenditure was called for.(AY. 2014-15)
Tejas Networks Ltd. v. DCIT (2021) 91 ITR 52 (SN) (Bang.)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Interest expenditure-Balance-Sheet of assessee showing assessee’s own funds available in excess of investments-Interest cannot be disallowed. [R.8D (2)(iii)]